Annual

Report

105th
Annual Report- FY’23
The Orissa Minerals
Development
Company Limited

The Orissa Minerals Development Company Limited – 105th Annual Report, FY’23
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

CORPORATE INFORMATION
BOARD OF DIRECTORS

Shri Atul Bhatt, Chairman

Shri D.K. Mohanty, Managing Director

Smt. Swapna Bhattacharya, Government of India, Nominee Director

Shri. Sohanlal Kadel, Independent Director (Up to 21.10.2022)

Shri A. K Saxena Non-Executive Director (Up to 28.12.2022)

Shri M. Saravanan Independent Director

Smt. Dr T.N Sarasu, Independent Director

Shri Sidharth Shambhu, Independent Director

Shri T.R Mallik, Nominee Director of LICI (w.e.f. 31.05.2023)

CHIEF FINANCIAL OFFICER

Shri RAMAKANT BEHERA, CFO & GM(F)

COMPANY SECRETARY

Shri S RAJA BABU, CS OMDC

STATUTORY AUDITORS

M/s. OM Kejriwal & Co, Plot No. A-17/10 Surya Nagar, Near SP Vigilance office, Bhubaneswar

SECRETARIAL AUDITORS

M/s. Vidhya Baid & Co., Practising Company Secretaries, 35, Armenien Street, Room No.39,
Kolkata 700001

BANKERS

State Bank of India, Government Treasury Branch, Bhubaneshwar

State Bank of India, Barbil, Odissa

Bank of Baroda, Barbil, Odisha

PNB, Janpath Branch, Bhubaneswar

IDBI Bank, Janpath Branch, Bhubaneswar

Union Bank of India UBOI, Bhubaneswar, Odisha

Indian bank, Bhubaneswar Main Branch, Bhubaneswar

Union bank of India, UBOI, Salt lake, Kolkata

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105 th ANNUAL REPORT - FY’ 23

REGISTERED OFFICE

C/O “SAIL OFFICE, GROUND FLOOR, 271, BIDYUT MARG, UNIT – IV, SASTRI NAGAR,
BHUBANESWAR – 751001, ODISHA; Tel: 0674-2391595, 0674-2391495; E-mail:
info.birdgroup@birdgroup.co.in, Website: www.birdgroup.co.in;

CIN No: L51430OR1918GOI034390

REGISTRAR AND TRANSFER AGENT

CB Management Services (P) Limited. ,P-22, Bondel Road, Kolkata-700019, Phone: (033) 4011-
6700, (033) 4011-6739, E-mail: rta@cbmsl.co

MINES OFFICE

P.O: Thakurani, Via–Barbil, Dist. Keonjhar, Odisha-758035; Tel: (06767)- 276777/ 275058/
275405, E-mail: omdc_fin_mo@yahoo.com

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

VISION & MISSION

VISION

To become a world class, socially responsible, green mining Company maximizing value of all
Stake holders

MISSION

• To ensure sustainable growth of the Company by having synergy with all stake holders and
maximization of returns, while following best practices of corporate governance and
promoting ecological balance and mineral conservation

• To enhance high level of customer satisfaction

• To achieve international standards of productivity by scientific mining & thrust on R&D,

power consumption, environmental standards, preservation of flora & fauna, water resources

• To share developmental benefits with people living in & around mines, while improving the
welfare of employee

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105 th ANNUAL REPORT - FY’ 23

CONTENT

5
NOTICE
21
CHAIRMAN SPEECH
23
MANAGING DIRECTOR MESSAGE
26
DIRECTORS’REPORT
44
REPORT OF MANAGEMENT DISCUSSION & ANALYSIS
48
CORPORATE GOVERNANCE REPORT
74
BUSINESS REPONSIBILITY AND SUSTAINABILITY REPORT
88
ANNUAL COMPLIANCE WITH CODE OF CONDUCT
90
CEO & CFO CERTIFICATION
91
SECRETARIAL AUDIT REPORT
98
CERTIFICATE OF NON- DISQUALIFICATION OF DIRECTORS
100
CORPORATE GOVERNANCE CERTIFICATE
102
CAG COMMENTS ON FINANCIAL STATEMENTS
106
MANAGEMENT REPLY TO CAG COMMENTS
108
AUDITORS’REPORT

ANNUAL ACCOUNTS
122
BALALNCE SHEET
123
STATEMENT OF PROFIT & LOSS
124
CASH FLOW STATEMENT
125
STATEMENT OF CHANGES IN EQUITY
126
IND AS ACCOUNTING POLICY
149-185
NOTES TO FINANCIAL STATEMENTS

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

NOTICE OF 105TH ANNUAL GENERAL MEETING

Notice is hereby given that the 105TH Annual General Meeting of The Orissa Minerals
Development Company Limited will be held on Saturday, 23rd December, 2023 at 11.00 Hrs
through Video Conferencing(“VC”)/Other Audio-Visual Means (“OAVM”) to transact the
following business:

ORDINARY BUSINESS

1. To consider and adopt the Audited Financial Statements of the Company for the year ending
with March 31, 2023, together with the Directors Report, the Reports of Auditors’ and
Comments of the Comptroller & Auditor General of India (C & AG) thereon.

2. To authorize Board of Directors of the Company to fix the Remuneration of the Statutory
Auditors of the Company appointed by Comptroller & Auditor General of India (C&AG) for
the financial year 2022-23, in terms of provisions of Section 139(5) read with Section 142 of
the Companies Act, 2013 and in this regard to consider and if thought fit, to pass with or
without modification the following Resolution as an Ordinary Resolution.

“RESOLVED THAT

In terms of provisions of Section 139(5) read with Section 142 of the Companies Act, 2013, the
Board of Directors of the Company be and are hereby authorized to decide and fix the
Remuneration of such amount plus Out of pocket expenses to Statutory Auditors of the Company
for the financial year 2023-24 who were appointed by the C&AG”

SPECIAL BUSINESS:

3. Appointment of Shri T.R Mallick (DIN-09579743) as LIC of India Nominee Director of the
Company and in this regard to consider and, if thought fit, to pass, the following resolution as
an Ordinary Resolution:

“RESOLVED THAT

“Pursuant to the provisions of Section 149, 152, 161 and other applicable provisions, if any, of the
Companies Act, 2013 and rules made there under Shri T.R Mallick (DIN-09579743) who was
appointed as LIC of India Nominee Director of the company w.e.f. 31.05.2023 and who holds
office as such up to the date of ensuing Annual General Meeting, be and is hereby appointed as
LIC of India Nominee Director of the Company.”

By Order of the Board

For The Orissa Minerals Development Company Ltd
Sd/-
S Raja Babu
Company Secretary
Place: Visakhapatnam
Date: 30.11.2023

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105 th ANNUAL REPORT - FY’ 23

EXPLANATORY STATEMENT IN RESPECT OF THE SPECIAL BUSINESS

PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

Special Item:

Item No: 3

Shri T.R Mallik, (DIN-09579743), was appointed as LIC of India Nominee Director on the Board
of OMDC w.e.f 31.05.2023 upon receipt of nomination from LIC of India vide its letter dated
30.05.2023 and which was approved and taken note by Board of OMDC in its 75th Meeting held
on 08.06.2023 who holds office as such up to the date of ensuing Annual General Meeting, be and
is hereby appointed as LIC of India Nominee director of the Company.

Shri T.R Mallik is not disqualified from being appointed as a Director in terms of Section 164 of
the Companies Act, 2013.

Your Directors recommend his appointment in the interest of the Company.

None of the Directors, Key Managerial Personnel (KMPs) or the relatives of Directors or KMPs,
except Shri T.R Mallik are in any way, concerned or interested, financial or otherwise, in the said
resolution.

By Order of the Board

For The Orissa Minerals Development Company Ltd

Sd/-

S Raja Babu

Company Secretary

Place: Visakhapatnam

Date: 30.11.2023

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

NOTES:

1. Pursuant to the provisions of Section 91 of the Companies Act, 2013, the Register of Members
and Share Transfer Books for the equity shares of the Company will remain closed from
Saturday,16th Dec’ 2023 to Friday, 22nd Dec’ 2023 (both days inclusive)

2. The Board did not recommend dividend for the financial year 2022-23, due to losses incurred
by the company during the financial year.

3. Pursuant to Section 124 of the Companies Act 2013, the Company is required to transfer
unpaid dividends remaining unclaimed and unpaid for the period of 7 years from the due
date(s) to the Investor Education and Protection Fund (IEPF) set up by the Central
Government. Shareholders are requested to note that no claims shall lie against the said Fund
or the Company in respect of any amounts which were unclaimed and unpaid for a period of
seven years from the dates that they first became due for payment and no payment shall be
made in respect of any such claims.

Unclaimed final dividend for the year 2015-16 is due for transfer to Investors’ Education and
Protection Fund (IEPF) established by Government of India on or after31.10.2023. All
shareholders, whose dividend is unpaid, are requested to lodge their claim with M/s. CB
Management Services (P) Limited, the Registrar & Transfer Agent of the Company by
submitting an application on or before 31.10.2023. Kindly note that no claims will lie against
the Company or the IEPF once the dividend amount is deposited in IEPF.

4. Pursuant to Section 101 and Section 136 of the Companies Act, 2013 read with relevant Rules
made there under, Companies can serve Annual Reports and other communications through
electronic mode to those Members who have registered their email address either with the
Company or with the Depository Participant(s). Members who have not yet registered their
email address can now register the same either with the Company or with the Depository
Participant(s). Members of the Company who have registered their email address are also
entitled to receive such communication in physical form, upon request.

5. The Securities and Exchange Board of India (SEBI) has mandated the submission of
Permanent Account Number (PAN) by every participant in securities market. Members
holding shares in electronic form are, therefore, requested to submit their PAN to their
Depository Participants with whom they are maintaining their demat accounts. Members
holding shares in physical form can submit their PAN to the Company / CB Management
Services (P) Limited.

6. Members desirous of making a nomination in respect of their shareholding in physical form,

as permitted under Section 72 of the Companies Act, 2013, are requested to submit the
prescribed form SH-13 and SH-14, accordingly to the Share Department of the Company or to
the office of the Registrar and Share Transfer Agent, M/s C B Management Services (P)
Limited.

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105 th ANNUAL REPORT - FY’ 23

7. Members who hold shares in physical form in multiple folios in identical names or joint
holding in the same order of names are requested to send the share certificates to CB
Management Services (P) Limited for consolidation into a single folio.

8. Cut-off date for e-voting has been fixed on Friday, 15th December, 2023

9. The Register of Contracts or Arrangements in which Directors are interested, maintained

under Section 189 of the Companies Act, 2013, will be available for inspection by the members
at the AGM.

10. Non-Resident Indian Members are requested to inform CB Management Services (P) Limited
immediately of:

a. Change in their residential status on return to India for permanent settlement.

b. Particulars of their bank account maintained in India with complete name, branch,
account type, account number and address of the bank with pin code number, if not
furnished earlier.

11. To receive all communication promptly, please update your address registered with the
Company or Depository Participant, as may be applicable.

12. VOTING THROUGH ELECTRONIC MEANS

a. The Ministry of Corporate Affairs, (“MCA”) Government of India vide General Circular
Nos. 10/2022 dated December 28, 2022 and SEBI vide circular dated January 5, 2023 &
September 25, 2023 (in continuation with other circulars issued in this regard) inter-alia,
permitted holding of the Annual General Meeting (“AGM”) through Video Conference
(VC)/ Other Audio Visual Means (OAVM), upto September 30, 2024, in accordance with
the requirements provided in paragraph 3 and 4 of the MCA General Circular No. 20/2020
dated May 5, 2020. In compliance with these Circulars, provisions of the Act and the
Listing Regulations, the 105th AGM of the Company is being conducted through VC/
OAVM which does not require physical presence of members at a common venue. Hence,
Members can attend and participate in the ensuing EGM/AGM through VC/OAVM. The
deemed venue for the 105thAGM shall be the Registered Office of the Company.

b. Pursuant to the Circular No. 14/2020 dated April 08, 2020, issued by the Ministry of
Corporate Affairs, the facility to appoint proxy to attend and cast vote for the members is
not available for this AGM. However, the Body Corporates are entitled to appoint
authorized representatives to attend the AGM through VC/OAVM and participate there at
and cast their votes through e-voting.

c. The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the
scheduled time of the commencement of the Meeting by following the procedure
mentioned in the Notice. The facility of participation at the AGM through VC/OAVM will
be made available for 1000 members on first come first served basis. This will not include

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

large Shareholders (Shareholders holding 2% or more shareholding), Promoters,

Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the
Audit Committee, Nomination and Remuneration Committee and Stakeholders
Relationship Committee, Auditors etc. who are allowed to attend the AGM without
restriction on account of first come first served basis.

d. The attendance of the Members attending the AGM through VC/OAVM will be counted
for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.

e. Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20
of the Companies (Management and Administration) Rules, 2014 (as amended) and
Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015
(as amended), and the Circulars issued by the Ministry of Corporate Affairs dated April
08, 2020, April 13, 2020, May 05, 2020, May 05, 2022 and December 28, 2022,the
Company is providing facility of remote e-Voting to its Members in respect of the business
to be transacted at the AGM. For this purpose, the Company has entered into an
agreement with National Securities Depository Limited (NSDL) for facilitating voting
through electronic means, as the authorized agency. The facility of casting votes by a
member using remote e-Voting system as well as venue voting on the date of the AGM will
be provided by NSDL.

f. In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2020 dated April 13,
2020, the Notice calling the AGM has been uploaded on the website of the Company at
www.birdgroup.co.in. The Notice can also be accessed from the websites of the Stock
Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at
www.bseindia.com and www.nseindia.com respectively and the AGM Notice is also
available on the website of NSDL (agency for providing the Remote e-Voting facility) i.e.
www.evoting.nsdl.com.

g. AGM has been convened through VC/OAVM in compliance with applicable provisions of
the Companies Act, 2013 read with MCA Circular No. 14/2020 dated April 08, 2020 and
MCA Circular No. 17/2020 dated April 13, 2020, MCA Circular No. 20/2020 May 05,
2020, MCA Circular No. 2/2021 dated January 13, 2021, MCA Circular No. 2/2022 dated
May 05, 2022 and MCA Circular No. 10/2022 dated December 28, 2022

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105 th ANNUAL REPORT - FY’ 23

THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING AND JOINING GENERAL
MEETING ARE AS UNDER:-

The remote e-voting period begins on Wednesday, 20.12.2023 at 09:00 A.M. and ends on Friday,
22.12.2023 at 05:00 P.M. The remote e-voting module shall be disabled by NSDL for voting
thereafter. The Members, whose names appear in the Register of Members / Beneficial Owners
as on the record date (cut-off date) i.e. 15.12.2023, may cast their vote electronically. The voting
right of shareholders shall be in proportion to their share in the paid-up equity share capital of
the Company as on the cut-off date, being 15.12.2023.

How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are
mentioned below:

Step 1: Access to NSDL e-Voting system

A. Login method for e-Voting and joining virtual meeting for Individual shareholders holding
securities in Demat mode

In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed
Companies, Individual shareholders holding securities in demat mode are allowed to vote through
their demat account maintained with Depositories and Depository Participants. Shareholders are
advised to update their mobile number and email Id in their Demat accounts in order to access e-
Voting facility.

Login method for Individual shareholders holding securities in demat mode is given below:

Type of shareholders Login Method

Individual Shareholders 1. Existing IDeAS user can visit the e-Services website of NSDL
holding securities in Demat Viz. https://eservices.nsdl.com either on a Personal Computer
mode with NSDL. or on a mobile. On the e-Services home page click on the
“Beneficial Owner” icon under “Login” which is available
under ‘IDeAS’ section, this will prompt you to enter your
existing User ID and Password. After successful
authentication, you will be able to see e-Voting services under
Value added services. Click on “Access to e-Voting” under e-
Voting services and you will be able to see e-Voting page. Click
on company name or e-Voting service provider i.e. NSDL and
you will be re-directed to e-Voting website of NSDL for casting
your vote during the remote e-Voting period or joining virtual
meeting & voting during the meeting.

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THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

2. If you are not registered for IDeAS e-Services, option to

register is available at https://eservices.nsdl.com. Select
“Register Online for IDeAS Portal” or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp

3. Visit the e-Voting website of NSDL. Open web browser by

typing the following URL: https://www.evoting. nsdl.com
either on a Personal Computer or on a mobile. Once the home
page of e-Voting system is launched, click on the icon “Login”
which is available under ‘Shareholder/Member’ section. A new
screen will open. You will have to enter your User ID (i.e. your
sixteen digit Demat account number hold with NSDL),
Password/OTP and a Verification Code as shown on the
screen. After successful authentication, you will be redirected
to NSDL Depository site wherein you can see e-Voting page.
Click on company name or e-Voting service provider i.e. NSDL
and you will be redirected to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting.

4. Shareholders/Members can also download NSDL Mobile App

“NSDL Speede” facility by scanning the QR code mentioned
below for seamless voting experience.

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105 th ANNUAL REPORT - FY’ 23

Individual Shareholders 1. Users who have opted for CDSL Easi / Easiest facility, can
holding securities in Demat login through their existing user id and password. Option will
mode with CDSL be made available to reach e-Voting page without any further
authentication. The users to login Easi /Easiest are requested
to visit CDSL website www.cdslindia.comand click on login
icon & New System Myeasi Tab and then user your existing my
easi username & password.

2. After successful login the Easi / Easiest user will be able to see
the e-Voting option for eligible companies where the e-voting
is in progress as per the information provided by company. On
clicking the e-voting option, the user will be able to see e-
Voting page of the e-Voting service provider for casting your
vote during the remote e-Voting period or joining virtual
meeting & voting during the meeting. Additionally, there is
also links provided to access the system of all e-Voting Service
Providers, so that the user can visit the e-Voting service
providers’ website directly.

3. If the user is not registered for Easi/Easiest, option to register

is available at CDSL website www.cdslindia.com and click on
login & New System Myeasi Tab and then click on registration
option.

4. Alternatively, the user can directly access e-Voting page by

providing Demat Account Number and PAN No. from a e-
Voting link available on www.cdslindia.com home page. The
system will authenticate the user by sending OTP on registered
Mobile & Email as recorded in the Demat Account. After
successful authentication, user will be able to see the e-Voting
option where the e-voting is in progress and also able to
directly access the system of all e-Voting Service Providers.

Individual Shareholders You can also login using the login credentials of your Demat
(holding securities in Demat account through your Depository Participant registered with
mode) login through their NSDL/CDSL for e-Voting facility. Upon logging in, you will be able
Depository Participants to see e-Voting option. Click on e-Voting option, you will be
redirected to NSDL/CDSL Depository site after successful
authentication, wherein you can see e-Voting feature. Click on
company name or e-Voting service provider i.e. NSDL and you will
be redirected to e-Voting website of NSDL for casting your vote

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

during the remote e-Voting period or joining virtual meeting &

voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget
User ID and Forget Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues
related to login through Depository i.e. NSDL and CDSL.

Login type Helpdesk details

Individual Shareholders Members facing any technical issue in login can contact NSDL
holding securities in Demat helpdesk by sending a request at evoting@nsdl.co.in or call at 022
mode with NSDL - 4886 7000 and 022 - 2499 7000

Individual Shareholders Members facing any technical issue in login can contact CDSL
holding securities in Demat helpdesk by sending a request at helpdesk.evoting@cdslindia.com
mode with CDSL or contact at toll free no. 1800 22 55 33

B. Login Method for e-Voting and joining virtual meeting for shareholders other than Individual
shareholders holding securities in Demat mode and shareholders holding securities in
physical mode.

How to Log-in to NSDL e-Voting website?

1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.

2. Once the home page of e-Voting system is launched, click on the icon “Login” which is
available under ‘Shareholder/Member’ section.

3. A new screen will open. You will have to enter your User ID, your Password/OTP and a
Verification Code as shown on the screen.

4. Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at
https://eservices.nsdl.com/ with your existing IDEAS login. Once you log-in to NSDL
eservices after using your log-in credentials, click on e-Voting and you can proceed to Step
2 i.e. Cast your vote electronically.

Your User ID details are given below:

Manner of holding shares i.e. Demat (NSDL or CDSL) or Physical

Your User ID is:

a. For Members who hold shares in Demat account with NSDL.

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105 th ANNUAL REPORT - FY’ 23

8 Character DP ID followed by 8 Digit Client ID. For example, if your DP ID is IN300***

and Client ID is 12****** then your user ID is IN300***12******.

b. For Members who hold shares in Demat account with CDSL.

16 Digit Beneficiary ID. For example, if your Beneficiary ID is 12**************

then your user ID is 12**************

c. For Members holding shares in Physical Form.

EVEN Number followed by Folio Number registered with the company. For
example, if folio number is 001*** and EVEN is 101456 then user ID is
101456001***

5. Password details for shareholders other than Individual shareholders are given
below:

a. If you are already registered for e-Voting, then you can user your existing password
to login and cast your vote.

b. If you are using NSDL e-Voting system for the first time, you will need to retrieve
the ‘initial password’ which was communicated to you. Once you retrieve your
‘initial password’, you need to enter the ‘initial password’ and the system will force
you to change your password.

c. How to retrieve your ‘initial password’?

i. If your email ID is registered in your Demat account or with the company, your
‘initial password’ is communicated to you on your email ID. Trace the email sent to you
from NSDL from your mailbox. Open the email and open the attachment i.e. a .pdf file.
Open the .pdf file. The password to open the .pdf file is your 8 digit client ID for NSDL
account, last 8 digits of client ID for CDSL account or folio number for shares held in
physical form. The .pdf file contains your ‘User ID’ and your ‘initial password’.

ii. If your email ID is not registered, please follow steps mentioned below in process
for those shareholders whose email ids are not registered.

6. If you are unable to retrieve or have not received the “Initial password” or have
forgotten your password:

a. Click on “Forgot User Details/Password?” (If you are holding shares in your Demat
account with NSDL or CDSL) option available on www.evoting.nsdl.com.

b. Physical User Reset Password?” (If you are holding shares in physical mode)
option available on www.evoting.nsdl.com.

c. If you are still unable to get the password by aforesaid two options, you can send a
request at evoting@nsdl.co.in mentioning your Demat account number/folio number,
your PAN, your name and your registered address etc.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

d. Members can also use the OTP (One Time Password) based login for casting the
votes on the e-Voting system of NSDL.

7. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the
check box.

8. Now, you will have to click on “Login” button.

9. After you click on the “Login” button, home page of e-Voting will open.

Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system.

How to cast your vote electronically and join General Meeting on NSDL e-Voting system?

1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which you
are holding shares and whose voting cycle and General Meeting is in active status.

2. Select “EVEN” of company for which you wish to cast your vote during the remote e-Voting
period and casting your vote during the General Meeting. For joining virtual meeting, you
need to click on “VC/OAVM” link placed under “Join Meeting”.

3. Now you are ready for e-Voting as the Voting page opens.

4. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the
number of shares for which you wish to cast your vote and click on “Submit” and also
“Confirm” when prompted.

5. Upon confirmation, the message “Vote cast successfully” will be displayed.

6. You can also take the printout of the votes cast by you by clicking on the print option on the
confirmation page.

7. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.

General Guidelines for shareholders

1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send
scanned copy (PDF/JPG Format) of the relevant Board Resolution/ Authority letter etc. with
attested specimen signature of the duly authorized signatory(ies) who are authorized to vote,
to the Scrutinizer (M/s. MR & Associates) by e-mail to goenkamohan@gmail.com,
omdc.sec.dept@gmail.com, info@birdgroup.co.in with a copy marked to evoting@nsdl.co.in.
Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) can also upload their
Board Resolution / Power of Attorney / Authority Letter etc. by clicking on "Upload Board
Resolution / Authority Letter" displayed under "e-Voting" tab in their login.

2. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders
and e-voting user manual for Shareholders available at the download section of
www.evoting.nsdl.com or call on.: 022 - 4886 7000 and 022 - 2499 7000 or send a request to
Ms. Pallavi Mhatre, Senior Manager at evoting@nsdl.co.in

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105 th ANNUAL REPORT - FY’ 23

Process for those shareholders whose email ids are not registered with the depositories for
procuring user id and password and registration of e mail ids for e-voting for the resolutions set
out in this notice:

1. In case shares are held in physical mode please provide Folio No., Name of shareholder,
scanned copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN
card), AADHAR (self-attested scanned copy of Aadhar Card) by email to
omdc.sec.dept@gmail.com, info@birdgroup.co.in

2. In case shares are held in Demat mode, please provide DPID-CLID (16-digit DPID + CLID or
16-digit beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN
(self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar
Card) to (omdc.sec.dept@gmail.com, info@birdgroup.co.in). If you are an Individual
shareholder holding securities in Demat mode, you are requested to refer to the login method
explained at step 1 (A) i.e. Login method for e-Voting and joining virtual meeting for
Individual shareholders holding securities in Demat mode.

3. Alternatively, shareholder/members may send a request to evoting@nsdl.co.in for procuring

user id and password for e-voting by providing above mentioned documents.

4. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed
Companies, Individual shareholders holding securities in Demat mode are allowed to vote
through their Demat account maintained with Depositories and Depository Participants.
Shareholders are required to update their mobile number and email ID correctly in their
Demat account in order to access e-Voting facility.

THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF THE AGM ARE AS
UNDER:

1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned
above for remote e-voting.

2. Only those Members/ shareholders, who will be present in the AGM through VC/OAVM
facility and have not casted their vote on the Resolutions through remote e-Voting and are
otherwise not barred from doing so, shall be eligible to vote through e-Voting system in the
AGM.

3. Members who have voted through Remote e-Voting will be eligible to attend the AGM.
However, they will not be eligible to vote at the AGM.

4. The details of the person who may be contacted for any grievances connected with the facility
for e-Voting on the day of the AGM shall be the same person mentioned for Remote e-voting.

Page | 16
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM ARE AS
UNDER:

1. Member will be provided with a facility to attend the EGM/AGM through VC/OAVM through
the NSDL e-Voting system. Members may access by following the steps mentioned above for
Access to NSDL e-Voting system. After successful login, you can see link of “VC/OAVM link”
placed under “Join Meeting” menu against company name. You are requested to click on
VC/OAVM link placed under Join Meeting menu. The link for VC/OAVM will be available in
Shareholder/Member login where the EVEN of Company will be displayed. Please note that
the members who do not have the User ID and Password for e-Voting or have forgotten the
User ID and Password may retrieve the same by following the remote e-Voting instructions
mentioned in the notice to avoid last minute rush.

2. Members are encouraged to join the Meeting through Laptops for better experience.

3. Further Members will be required to allow Camera and use Internet with a good speed to avoid
any disturbance during the meeting.

4. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop
connecting via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their
respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to
mitigate any kind of aforesaid glitches.

5. Shareholders who would like to express their views/ask questions during the meeting may
register themselves as a speaker may send their request mentioning their name, Demat
account number/folio number, email id, mobile number at (omdc.sec.dept@gmail.com,
info@birdgroup.co.in) latest by 5.00 PM (IST) on Wednesday, 20th day of Dec’ 23

6. Shareholders who would like to express their views/have questions may send their questions
in advance mentioning their name Demat account number/folio number, email id, mobile
number at (omdc.sec.dept@gmail.com, info@birdgroup.co.in) latest by 5.00 PM (IST) on
Wednesday, 20th day of Dec’ 23. The same will be replied by the company suitably.

7. Those shareholders who have registered themselves as a speaker will only be allowed to
express their views/ask questions during the meeting.

8. When a pre-registered speaker is invited to speak at the meeting but he / she does not respond,
the next speaker will be invited to speak. Accordingly, all speakers are requested to get
connected to a device with a video/ camera along with good internet speed.

9. The Company reserves the right to restrict the number of questions and number of speakers,
as appropriate, for smooth conduct of the AGM.

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105 th ANNUAL REPORT - FY’ 23

10. Members who need assistance before or during the AGM, can contact Ms. Pallavi Mhatre,
Senior Manager, NSDL at evoting@nsdl.co.in or call on.: 022 - 4886 7000 and 022 - 2499
7000

By Order of the Board

For The Orissa Minerals Development Company Ltd
Sd/-
S Raja Babu
Company Secretary

Place: Visakhapatnam

Date: 30.11.2023

Page | 18
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

REQUEST TO MEMBERS

Members desirous of getting Information/Clarification on the Accounts and Operations of the

Company or intending to raise any query are requested to forward the same at least 7 days in
advance of the meeting to the Company Secretary at the office address so as the same may be
attended appropriately.

KIND ATTENTION OF SHAREHOLDERS HOLDING SHARES IN PHYSICAL FORM

The Shares held by you in physical form can be easily dematerialized i.e. converted into electronic
form. The various benefits derived out of dematerialization of shares are:

1. Immediate transfer of securities.

2. No stamp duty on transfer of securities.

3. Elimination of risk associated with physical certificates such as bad delivery, fake securities
etc.

4. Reduction in paperwork involved in transfer of securities.

5. Reduction in transaction cost.

6. Nomination facility.

7. Changes in address recorded with DP get registered electronically with all Companies in which
investor holds securities in Demat form, eliminating the need to correspond with each of them
separately.

8. Transmission of securities is done by DP eliminating correspondence with Companies.

9. Convenient method of consolidation of folios/accounts.

10. Automatic credit into Demat account of shares arising out of split/ consolidation / merger.

You are therefore, requested to:

• Approach any Depository Participant (DP) of your choice for opening a Demat Account.

• Fill in a Demat Request Form (DRF) and handover the relative physical share certificate(s) to
your DP for Dematerialization of your shares.

Shares will get converted into electronic form and automatically credited to your Demat Account.

Important communication to members

The Ministry of Corporate Affairs has taken a “Green initiative in the Corporate Governance” by
allowing paperless compliances by the Companies and has issued a Circular stating that service
of notice/ documents including annual report can be sent by e-mail to its members. We request
you to join us in this noble initiative and look forward to your consent to receive the annual report
in electronic form. To support this green initiative of the Government in full measure and in

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105 th ANNUAL REPORT - FY’ 23

compliance of Section 101 and Section 136 of the Companies Act, 2013, members who have not
registered their e-mail addresses, so far, are requested to register their e-mail addresses, in
respect of electronic holdings with the Depository through their concerned Depository
Participant. Members who hold shares in physical form are requested to register the same with
OMDC Limited or our Registrar and Transfer Agent, M/S C B Management Services (P) Ltd, P-
22, Bondel Road, Kolkata – 700 019 to enable the Company to send the Annual Reports through
e-mail instead of physical form.

INFORMATION PURSUANT TO SEBI(LODR) IN CONNECTION WITH THE DIRECTORS

SEEKING APPOINTMENT AT THE 105TH ANNUALGENERAL MEETING.

Name T.R Mallik

LIC of India Nominee Director
DIN 09579743

Date of Birth & Age 29/05/1963 & 60

Date of Appointment 31/05/2023

Qualifications MA, MPhil

Expertise in specific functional Area He has rich experience in Insurance Sector. He worked for
more than 30 years in various positions at LICI and retired as
ED. He was a director on the Board of LIC HFL Cares Homes
LTD till 18/04/2023.
Directorship held in other Companies LIC HAF CARES HOMES LTD

Relationship with other Directors, NA

Manager and other Key Managerial
Personnel of the Company
Membership/ Chairmanship of Membership in Audit Committee, Nomination Remuneration
Committees in OMDC committee, Corporate Social Responsibility Committee, Risk
Management Committee.
Membership/ Chairmanship of NIL
Committees of other Public Ltd
Companies (other than OMDC)
No. of Shares held in OMDC NIL

Note: Details are as on date of AGM Notice.

Page | 20
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

CHAIRMANS’ SPEECH
At the 105th Annual General Meeting

Good Morning!

Ladies & Gentlemen

On behalf of the Board of Directors of the Company, it is a great honor and privilege for me to
extend a very warm welcome to all of you at the 105th Annual General Meeting of your company.

The Directors’ Report and the Audited Statement of the Accounts for the year FY 2022-23 and the
Notice to the Shareholders have already been circulated and with your permission, I take them as
read.

Performance of Your Company:

I am pleased to inform you that the Company has achieved some progress towards resumption of
mining operations.

Operational Performance:

There was no mining activity of OMDC during the year 2022-23. Owing to non-availability of
statutory clearances all the mines have remained non-operational. The company is vigorously
pursuing the matter for obtaining statutory clearance with the state government and central
government authorities, so as to resume its mining operations at an early date.EC of Bagiaburu
has been obtained on 14.07.2023 and mining operations will resume by Nov’ 23.

Belkundi mines is having Forest Clearance and public hearing is scheduled to be held on
25.10.2023 was again cancelled. Environmental clearance of Belkundi mines will be obtained
after successful conductance of public hearing and mining operation will be resumed by 1st
quarter of FY 2024-25.

Forest clearance of Bhadrasahi Mines is pending for payment of NPV of Rs 51.25 Crs and hence
Public Hearing date is awaited.

All the three BPMEL mining leases are non-operational due to legal cases at High Court-Orissa,
High Court-Calcutta, DRAT, Kolkata and Supreme Court of India which are sub-judice.

OMDC obtained permission from Hon’ble Supreme Court of India for Sale of undisposed stock of
minerals from Bhadrasahi vide order dated 11.08.2020 and for Belkundi & Bagiaburu mines vide
order dated 07.04.2022. Despatch from Bhadrasahi mines started on 28.06.2021 and 1.50 lakh
tonnes of Iron & Manganese Ore dispatched during FY 23. ~3.58 lakh tones of additional un-
disposed stock of Iron Ore Fines (58-60% Fe grade) at Bhadrasahi Mines and ~0.34 lakh tonnes

Page | 21
105 th ANNUAL REPORT - FY’ 23

of Iron Ore Fines (51-55% Fe grade) at Bagiaburu mines have been updated in i3MS Portal on
25.01.2023. For Bagiaburu first E-Auction conducted on 17.03.2023

Financial Performance:

Total earning of Rs 44.95 Crs includes sale of old stocks of Rs 35.53 Crs and interest received from
the term deposits of Rs 3.71 Crs during the FY 2022-23. The interest income reduced during the
year from the previous year due to depletion of funds on account of repayment of EMI against
Short-term loan.

On the other hand, the interest expense decreased to Rs. 2442.68 lakhs in current financial year
as compared to Rs. 3000.26 lakhs in previous financial year due against the Short-Term Loan of
Rs.310 Cr taken for payment of compensation.

Existing short-term Loan of Rs. 310 crore with outstanding of Rs 271.17 crore has been
restructured by deferment of remaining instalments by 15 months i.e. from March 2021 to June
2022. Sanction of total FITL of Rs 36.12 Crs. on STL Loan of Rs 310 Crs. Outstanding balance of
ST Loan is 156.40 Crs and outstanding balance of FITL loan is Rs. 17.20 Crs as on 31.03.23.

Profit/ (Loss) before tax stood at Rs. (2721.94) Lakhs compared to Rs. (1357.26) Lakhs for the
previous year. Profit/(Loss) after tax was Rs. (1654.18) Lakhs as compared to Rs. (1449.40) Lakhs
during the previous year.

Looking Ahead

The mining operation of Bagiaburu mines is expected to resume by Sept 2023. Co terminus Forest
Clearance (FC) for Belkundi mines is at an advanced stage. Environmental Clearance of Belkundi
mines will be obtained after successful conductance of Public Hearing and mining operation will
be resumed by 1st quarter of FY 2024-25.

Exploring the possibility for enhancement of production capacity in near future through up
gradation in technological aspects is incorporated in the MDO contract for the operationalization
of Belkundi mines.

Dividend for the year FY 2022-23

In view of the accumulated losses incurred by the Company during financial Year 2022-23, your
Company have not proposed any dividend.

Corporate Governance

OMDC as a responsible Corporate citizen strongly believes in complying with the basic principles
of Corporate Governance i.e. accountability, transparency, fairness and responsibility. Your
company being a Central Public Sector Enterprise (CPSE) has been complying in toto with various
guidelines issued by DPE/DoPT/DOE and various other government organizations.

Your Company has been adhering to the principles of good Corporate Governance so as to ensure
ethical and efficient conduct of the affairs of the Company. OMDC aims at not only its own growth

Page | 22
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

but also maximization of benefits to the shareholders, employees, customers, government and
also the general public at large. For this purpose the company is continuously striving to improve
its level of overall efficiency through good corporate governance practices in all its operations
which are vital to achieve its Vision.

Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR) has been an integral part of our business philosophy and
your Company has been following it much before it became a norm for the corporate sector in
India. As the Average net profits of OMDC for the last three years is negative, no amount was
allocated to CSR during FY 2022-23

However, Your Company is focused in areas such as Health, Education, Employment generation,
Empowerment of women and Drinking Water etc. which are enumerated under schedule VII of
Companies Act, 2013.

Acknowledgement

On behalf of your Company’s Board of Directors, I wish to convey my sincere thanks to the valued
Shareholders for their continuous support and reposing trust on us. This motivates us to excel in
all our pursuits and constant endeavour to create value for the stakeholders.

I take this opportunity to thank the Government of India, Ministry of Steel, Ministry of Mines,
Ministry of Environment and Forest& Climate Change, Ministry of Corporate Affairs, other
Departments of Government of India, Government of Odisha, and all other Authorities and
Regulatory bodies for their unstinted support and valuable guidance.

I also appreciate the continued and dedicated efforts put in by all the employees/unions to
overcome many challenges faced during the year. Last but not the least, I would like to thank my
colleagues on the Board who have given their valuable time and assistance in charting Company’s
progressive move.

I thank you all once again and offer my best wishes for a very joyous festive season ahead.

Thank you and Jai Hind.

Atul Bhatt
(Chairman)
Dated: 30.11.2023

Place: Visakhapatnam

Page | 23
105 th ANNUAL REPORT - FY’ 23

MESSAGE OF MANAGING
DIRECTOR
105TH ANNUAL GENERAL MEETING

Dear Shareholders,

I am honored to stand before you today as the Managing Director of your mining company to
present our Annual Report for the year 2023. This year has been one of both challenges and
accomplishments, and I am pleased to share our progress with you.

At the outset, I would like to express my gratitude to all our shareholders for the unwavering
support and trust in your company. Your support and commitment to Company’s vision are the
driving forces behind the success.

The year was marked by various challenges, including fluctuating mineral prices, regulatory
changes, logistics constraints and the ongoing global economic uncertainties. Nevertheless, our
dedicated team and relentless pursuit for excellence have allowed us to overcome these hurdles
and achieve significant milestones.

Let me start by highlighting our financial performance. Despite the volatile market conditions, I
am pleased to report that our company maintained its financial stability.

In terms of operations, we continued to focus on obtaining the required statutory clearances for
early operationalization of mines, safety, sustainability, and efficiency. Our commitment to the
well-being of our employees and the communities where we operate remained unwavering. We
invested in minimizing our environmental footprint and safety. These efforts not only
safeguarded our workforce but also ensured the long-term sustainability of our mining activities.

As responsible stewards of the environment, we are proud to announce our initiatives to reduce
our carbon footprint. We have made substantial progress in our journey toward sustainable
mining, including sale of undisposed stock at various mines. We understand the importance of
preserving our planet for future generations, and we are fully committed to this cause.

Our commitment to the communities where we operate goes beyond just compliance. We have
actively engaged with local communities to foster mutual understanding and collaboration. We
are committed to community development, education, and healthcare, contributing to the
betterment of society in the regions we serve.

The outbreak of the pandemic led to several challenges. As a Company we faced several challenges
from postponement of scheduled Public Hearing of OMDC mines and obtaining statutory
Page | 24
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

clearance for operationalization of mines leading to difficulty in loan payment obligation and
seeking One Time Restructuring OTR loan with Union Bank of India etc. In these challenges, the
only constant was our unwavering focus on continuously delivering our value proposition to our
shareholders.

The global macro headwinds notwithstanding, India remains a bright spot. India has remained
resilient from geopolitical and other disruption

Looking ahead, the mining industry is expected to face evolving challenges, from shifting market
dynamics to increasing regulatory scrutiny. However, we are well-prepared to navigate these
challenges. Our strategic vision, innovation, and commitment as responsible miner will continue
to drive our success.

In the end, I want to reiterate my gratitude to our shareholders, employees, partners, and
stakeholders. Your unwavering support and dedication have been instrumental in our journey so
far, and together, we will continue to build a sustainable, responsible, and prosperous future.

We are confident that our company is on a path to sustained growth and success.

Thank you for your trust in your mining company. We look forward to your continued support
and a bright future ahead.

DK Mohanty
(Managing Director)
Dated: 30.11.2023

Place: Visakhapatnam

Page | 25
105 th ANNUAL REPORT - FY’ 23

DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR 2022-23

Dear Member,

On behalf of the Board of Director of the Company, I take great pleasure in presenting the 105 th
Annual Report of the Company for the financial year ended 31 stMarch, 2023 together with the
Audited Statements of Accounts, the Auditor' Report and Comments on the Accounts by the
Comptroller and Auditor General of India.

1. FINANCIALRESULTS

The financial results of M/s. OMDC for the year 2022-23 in comparison with previous financial
year 2021-22 are given in Table below:

For the year ended For the year ended

PARTICULARS
31-03-2023 (Rs. in 31-03-2022
Lakhs) (Rs. in Lakhs)
Income:
Revenue from operations * 3553.07 8267.87
Other Income 941.92 679.17
Total Income 4494.99 8947.04
Total Expenditure 7370.38 10318.92
Depreciation & Amortization 223.17 1531.36
Net profit before tax (2721.94) (1357.26)
Tax Expenses (1067.75) 92.14
(a) Current tax - -
(b)Deferred tax (1067.75) 92.14
Net profit after tax (1654.19) (1449.40)
Total Other Comprehensive Income 20.90 (4.45)
Total Comprehensive Income (1633.29) (1453.85)
Appropriations
General Reserve 32474.35 32474.35
Payment of Dividend NIL

*Sale of Undisposed stock from Bhadrasahi Mines

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

2. REVIEW OF THE FINANCIAL PERFORMANCE

Total earning of Rs 44.95 Crs includes sale of old stocks of Rs 35.53 Crs and interest received from
the term deposits of Rs 3.71 Crs during the FY 2022-23. The interest income reduced during the
year from the previous year due to depletion of funds on account of repayment of EMI against
Short-term loan.

On the other hand, the interest expense decreased to Rs. 2442.68 lakhs in current financial year
as compared to Rs. 3000.26 lakhs in previous financial year due against the Short-Term Loan of
Rs.310 Cr taken for payment of compensation.

Existing short-term Loan of Rs. 310 Crs with outstanding of Rs 271.17 Crs has been restructured
by deferment of remaining instalments by 15 months i.e. from March 2021 to June 2022. Sanction
of total FITL of Rs 36.12 Crs. on STL Loan of Rs 310 Crs. Outstanding balance of ST Loan is 156.40
Crs and outstanding balance of FITL loan is Rs. 17.20 Crs as on 31.03.23.

Profit/ (Loss) before tax stood at Rs. (2721.94) Lakhs compared to Rs. (1357.26) Lakhs for the
previous year. Profit/(Loss) after tax was Rs. (1654.18) Lakhs as compared to Rs. (1449.40) Lakhs
during the previous year.

3. OUTPUTAND DISPATCH

The company achieved significant progress in the attempts towards bringing the mines into
operation. The company received extension of mining lease period for Bagiaburu, Belkundi and
Bhadrasahi mines. Further, the clearance of Hon’ble Supreme Court has been received for
resumption of mining operations in these mines, subject to obtaining all necessary clearances
required in accordance with law. The company is in the process of obtaining the clearances. Also
OMDC obtained permission from Hon’ble Supreme Court of India for Sale of undisposed stock of
minerals from Bhadrasahi vide order dated 11.08.2020 and for Belkundi & Bagiaburu mines vide
order dated 07.04.2022.

Despatch from Bhadrasahi mines started on 28.06.2021 and 1.50 lakh tonnes of Iron &
Manganese Ore dispatched during FY 23. For Bagiaburu first E-Auction conducted on
17.03.2023.

4. DIVIDEND

In view of losses incurred during the FY 2022-23, your company has not proposed any dividend
for the year 2022-23.

5. OTHER INCOME

Company continued its prudent cash planning to focus on judicious management of its funds. As
per the Government guidelines, the Company deployed the surplus funds in fixed deposits and
earned an interest income of Rs. 3.73 Crs on fixed deposits during the year which is included
under other income of the Statement of Profit & Loss Account.

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105 th ANNUAL REPORT - FY’ 23

6. NETWORTH

The net worth of the Company as on 31st March, 2023 reduced to Rs. (1280.27) Lakhs as
compared to Rs. 353.02 Lakhs on 31st March, 2022, on account of provisions as above.

7. TRANSFER TO RESERVES

During the year 2022-23, the Company did not transfer any amount to General Reserve out of
Profit and Loss Account.

8. INVESTOR EDUCATION AND PROTECTION FUND

During the year 2022-23, the Company did not transfer any amountto Investors Education and
protection fund. The Company is in the process of activating the dividend accounts with various
banks pertaining to FY 2012-13 to 2015-16 and the unclaimed dividend for these financial years
will be transferred to IEPF in FY 2023-24, once the activation of dividend accounts is completed.

9. SHARE CAPITAL

The paid-up Equity Share Capital as on March 31, 2023 was Rs. 60 Lakhs divided into 60Lakhs
equity share of face value of Re1 each. During the year under review, the Company has not issued
shares with differential voting rights nor granted stock options nor sweat equity and also not
issued any Debentures.

As on March 31, 2023, none of the Directors of the Company hold shares or convertible
instruments of the Company.

10. MEETINGS OFTHE BOARD OFDIRECTOR

The Board met 5 nos. (Five) times during the year 2022-23 compared to 7 nos. (Seven) Meetings
during CPLY. The details of Board Meetings are provided in the Corporate Governance Report
annexed with this Board Report. The gap between any two Board Meetings held during the year
have not exceeded time limit as prescribed under the act.

11. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTOR

In terms of Section 149(7) of the Companies Act, 2013 necessary declaration has given by each
Independent Director stating that he/she meets the criteria of Independence as provided in sub
section (6) of Section 149 of the Companies Act, 2013.

12. AUDIT COMMITTEE

The composition and terms of reference of the Audit Committee has been furnished in the
Corporate Governance Report forming part of this Annual Report. There have been no instances
where the Board has not accepted the recommendations of the Audit Committee. During the year,
4(four) Audit Committee Meetings were held and the details of which are given in the Corporate
Governance Report. The intervening gap between these Meetings was within the period
prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

13. NOMINATION AND REMUNERATION COMMITTEE

The company had constituted Nomination and Remuneration Committee consisting of Non-
Executive Directors. The composition and terms of reference of the Committee has been furnished
in the Corporate Governance Report forming part of this Annual Report.

Being a Central Public Sector Enterprise, the appointment, tenure, performance evaluation,
remuneration, etc., of Directors are made/fixed by the Government of India. The remuneration
of officer is decided as per Government guidelines on Pay Revision and remunerations of other
employees of the company are decided as per Wage Settlement Agreement entered into with the
Employees’ Union. The appointments/promotions etc. of the employees are made as per
Recruitment and Promotion Policy approved by the Board.

14. STAKEHOLDER RELATIONSHIP COMMITTEE

The composition and terms of reference of the Stakeholder Relationship Committee has been
furnished in the Corporate Governance Report forming a part of this Annual Report. During the
year, no Stakeholder Committee Meetings was held and the details of which are given in the
Corporate Governance Report.

15. CORPORATE SOCIAL RESPONSIBILITY(CSR) COMMITTEE

Corporate Social Responsibility (CSR) has been an integral part of our business philosophy and
your Company has been following it much before it became a norm for the corporate sector in
India. As the Average net profits of OMDC for the last three years is negative, no amount was
allocated to CSR during FY 2022-23.

However, Your Company is focused in areas such as Health, Education, Employment generation,
Empowerment of women and Drinking Water etc. which are enumerated under schedule VII of
Companies Act, 2013. The Company has constituted CSR Committee in terms of the provisions of
the Companies Act, 2013 and details of the same are forming part of Corporate Governance
Report annexed to this report.

16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not given any loan, guarantee or made investment in securities during FY23.

17. RELATED PARTY TRANSACTIONS

The Company has not entered into any materially significant related party transactions that may
have potential conflict with the interests of the company at large. Nonetheless, transactions with
related party have been disclosed in Note no 35 of Notes to the Accounts. Hence no disclosure is
made in form AOC-2 as required under Section 134(3) read with rule 8 of the Companies
(accounts) Rules, 2014. Company has Related Party Transaction Policy and the same is made
available at its website.

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105 th ANNUAL REPORT - FY’ 23

18. FUTURE OUTLOOK

The mining operation of Bagiaburu mines is expected to resume by Nov’ 2023. Co terminus Forest
Clearance (FC) for Belkundi mines is at an advanced stage. Environmental Clearance of Belkundi
mines will be obtained after successful conductance of Public Hearing and mining operation will
be resumed by 1st quarter of FY 2024-25.

Exploring the possibility for enhancement of production capacity in near future through up
gradation in technological aspects is incorporated in the MDO contract for the operationalization
of Belkundi mines.

19. STATUS OF BRAHMANI COAL BLOCK:

Brahmani Coal Block was surrendered to Ministry of Coal (MoC) and same is agreed by MoC vide
letter dated 25.07.2022.

20. STATUS OF THE MINING LEASES:

A. OMDC Leases

• Mining Lease: Orders for extension of validity of lease period have been received from
Govt. of Odisha for Belkundi mining lease up to 15.08.2026, for Bagiaburu mining lease
upto 10.10.2041 and for Bhadrasahi mining lease upto 30.09.2030.

• Mining Plan: Approval of Mining Plan (MP) has been obtained for Bagiaburu mines up to
31.03.2026 and for Bhadrasahi mines up to 31.03.2025. The Mining Plan for Belkundi
mines is valid up to 31.03.2026.

• Environment Clearance: Bagiaburu EC received on 14.07.2023, Belkundi public hearing

is scheduled to be held on 25.10.2023 and Bhadrasahi Public hearing date is awaited.

• Forest Clearance: Stage-II Forest Clearance of Bagiaburu mines has been issued by
MoEF&CC, integrated Regional office, Bhubaneswar on 17.09.2021. The Forest Clearance
Co-Terminus extension of Belkundi Mines has been granted by MOEF&CC, New Delhi on
14.09.2022. Forest clearance of Bhadrasahi Mines is pending for payment of NPV of Rs
51.25 Crs

B. BPMEL Leases

All the three BPMEL mining leases are non-operational due to legal cases at High Court-Orissa,
High Court-Calcutta, DRAT, Kolkata and Supreme Court of India which are sub-judice.

21. INFORMATION TECHNOLOGY & TECHNOLOGY UPGRADATION

• The company has taken initiative to publish all tenders/expression of interest (EOI) in
company’s corporate website as well as Central Public Procurement Portal (CPPP)

• Procedure for sale of iron ore and manganese ore is designed through e-auction mode.

Page | 30
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

• Central Data Repository System (CDRS) has been developed and implemented for digitization
of records.

• E-Office software is being implemented as a file tracking system in OMDC Head office and
OMDC mines.

• Processing of salaries is being done through Tally package.

• Tally based accounting package is being used to pay vendor bill and different employee
entitlements through RTGS and e-payment mode.

22. SAFETY MEASURES

Safety measures according to the provisions of the Mines Act, 1952 and relevant Rules,
Regulations and also the guidelines, notified by the Director General of Mines Safety (DGMS),
Govt. of India time to time towards safety of employees engaged in mining and allied activities
are followed at mines. Safe code of practices is also implemented at Workshop, plants etc during
the operation and maintenance schedule. Annual Mines safety week are celebrated every year
under the guidance of Director of Mines Safety, Chaibasa Region. During this celebration,
competitions are organized amongst workers on different safety aspects and safety performances.
Safe practices pertaining to different activities in mining operations are displayed through
participation of workers in safety exhibitions. Necessary safety devices, tools and implements are
provided to the concerned employees as per the statute. Innovative safety practices are also
adopted by visiting neighbouring mines. Basic and refresher training is imparted to the workers
in the Vocational Training Centre on respective field of work and operational activities associated
with mines and plants. Disaster management plan has been put in place by the company.

23. IMPLEMENTATION OF THE RIGHT TO INFORMATION ACT, 2005

Your Company is proactively complying with the provisions of the Right to Information Act, 2005.
The relevant information pertaining to RTI Act 2005 is made available at the Company’s website.
The queries are regularly replied through a Public Information Officer and Assistant Public
Information Officer. All the information sought under the Act has been furnished within the
stipulated time period. Whenever there is a likely delay in reply due to unavailability of proper
information within the stipulated time limit, an interim reply is always sent to the applicants.
Statutory Reports like Monthly Returns, Quarterly Returns and Annual Returns and other reports
as required under this Act were complied with and forwarded to the Ministry from time to time.

During the year ended on 31stMarch 2023, total 32 applications have been received, Out of 32
applications, all were disposed off and no applications are pending.

24. PROGRESSIVE USE OF HINDI

The Orissa Minerals development Company Limited (M/S. OMDC) is situated in category (C )
area as per the Official Language Act. Company has taken positive steps to enhance awareness
and usage of Hindi among employees. Company had observed “Hindi Pakhwada” by way of

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105 th ANNUAL REPORT - FY’ 23

organizing competitions and distribution of prize on essay writing, Hindi poems recitation and
Hindi Anubad in which the employees took active participation. M/S. OMDC is ensuring steps
under the directives of the Official Language Act to use and propagate the use of Hindi. Bilingual
Boards and advertisements are being issued. “Rajbhasha Shikshan Board” is put up at H.O. to
appraise the employees with new words every day. Despatch registers and other works registers
are maintained in Hindi. “Prabin, Pragya & Parangat” exams have been completed and above 80%
of employees have passed the related exam. Central Government has already notified OMDC
under sub-rule (4) of Rule 10 of the Official Language Act on 01.03.2017. OMDC is already
registered in Rajbhasha website and quarterly report are being sent regularly through online.
Company’s website is updated in Hindi.

25. EMPOWERMENT OF WOMEN

The Company continues to accord due importance to gender equality. All necessary measures/
statutory provisions for safeguarding the interests of women employees in issues like payment of
wages, hours of work, health, safety, welfare aspects and maternity benefits etc are being followed
by the Company.

In compliance with the directives of the Supreme Court, guidelines relating to sexual harassment
of women workers at work places were issued by Govt. of India, Ministry of Human Resources
and Development. Accordingly, an Internal Complaints Committee has been constituted vide
policy circular no.01/2021. No case of any harassment has been reported at any of the Mines of
the Company or its Corporate Office. The directives have been widely circulated to bring
awareness amongst the employees, particularly women. OMDC does not differentiate in terms of
gender, and is an equal opportunity employer.

Total women employees on roll of the Company as on 31.03.2022 is 09 nos. which constitute
about 4.78 % of its total workforce of 234 employees.

26. HUMAN RESOURCE & WELFARE OF WEAKER SECTIONS OF SOCIETY

Employees on rolls of the Company as on 31.3.23 had been 234 as compared to 251 as on 31.3.22.

Strength of SCs, STs, OBCs as on 31.3.23 is given below:

Total No. of Employees 234 nos. (Exe. 60 & Non-Exe.- 174)

SC 27 nos. (Exe. 6 & Non-Exe. 21)

ST 46 nos. (Exe. 0 & Non-Exe. 46)
OBC 55 nos. (Exe. 13 & Non-Exe. 42)
Total of SC, ST and OBC 128 nos.

Due to non-payment of wages to employees on regular basis during the year, there has been severe
resentment among the employees. They were appraised through Unions about the Company’s
delicate financial position at regular intervals and contained major IR situation. Intervention of

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

conciliation authorities (Central Labour Officials) has been sought in normalizing IR situation.
Meetings with Dy.CLC (Central) at Bhubaneswar were held on 06.01.2023 and also with RLC
(Central) at Rourkela on 21.02.2022 and 02.03.2022 in this regard.

27. INDUSTRIAL RELATIONS

Industrial relations in your Company and at Mines continued to be cordial during the year 2022-
23.

28. VIGILANCE

Vigilance activities/events for the year 2022-23: Vigilance has been focusing on preventive and
proactive Vigilance activities to facilitate conducive environment enabling people to work with
integrity, impartiality, and efficiency, in a fair and transparent manner, upholding the highest
ethical to reputation and creating value for the organization.

An effort has been made to reduce the pendency of long pending Disciplinary Cases and
complaints. Regular review meetings are conducted with the Management on Vigilance issues for
immediate disposal. As part of preventive vigilance, various training programs on topics like e-
vigilance, desktop security, mobile phone security, and preventive vigilance have been conducted
for the employees of OMDC.

Vigilance Awareness Week is observed every year in line with the directives of the Commission.

System improvements have been undertaken in the following areas:

• Guidelines in respect of “Pre-Qualification Criteria PQC for tenderers” have been updated
on 04.11.2022.

• The Delegation of Power (DoP) of the company has been amended on 10.11.2022.

• File Tracking System: E-Office has been implemented at OMDC head office and OMDC
mines.

• In pursuance to the recommendation of CVC, a guideline has been issued vide circular
dated 13/02/2023, wherein it is advised that Tender Evaluation Committee should
examine the reasonableness of the L-1 rate and record the same in its recommendation,
irrespective of the type and mode of tender.

29. GRIEVANCE REDRESSAL MECHANISM (GRM)

Grievance Redressal Mechanism is put in place in M/S. OMDC at Unit Level and at Corporate
Level. Nodal Officer has been notified for this purpose. The name & designation of the officer
have been posted in the Company’s website.

Status of Public/Employees’ Grievances from 01.04.2021 to 31.03.2022

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105 th ANNUAL REPORT - FY’ 23

Types of Grievances No. of Grievances No. of Cases No. of Cases

Sl.
Grievances outstanding received during disposed of during pending as on
No.
as on the period the period 31.03.2023
01.04.2022 01.04.2022 to 01.04.2022 to
31.03.2023 31.03.2023
1 Public NIL NIL NIL NIL
Grievances
2 Employee NIL NIL NIL NIL
Grievances

30. IMPLEMENTATION OF THE PERSONS WITH DISABILITIES ACT, 1995

M/S. OMDC being a mining organization is governed by the provisions of the Mines Act, 1952 and
Rules & Regulations made there under. M/S. OMDC has implemented the provisions of “Persons
with Disabilities Act, 1995”.

31. COMPLIANCE WITH LAW/ LEGAL REQUIREMENTS

The Company has taken measures to ensure legal compliances from all the departmental heads
and the legal compliance report are placed before the Board.

32. WEBSITE OF THE COMPANY

The Company maintains its website www.birdgroup.gov.in where information about the
Company is provided.

33. VIGIL MECHANISM/WHISTLE BLOWER POLICY

The company has a vigil mechanism for Director and Employees to report their concerns about
unethical behavior, actual or suspected fraud or violation of the company’s Code of Conduct. The
mechanism provides for adequate safeguards against victimization of Director and employees
who avail of the mechanism. In exceptional cases, Director and employees have direct access to
the Chairman of Audit Committee.

Your Company has a Whistle Blower Policy in place and the same is also made available in the
company’s website.

34. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN

EXCHANGE EARNINGS AND OUTGO

The prescribed particulars of conservation of Energy, Technology Absorption and Foreign

Exchange Earnings and outgo required under Sec 134(3)(m) read with Rule 8(3) of the Companies
(Accounts) Rules,2014 is followed at M/S. OMDC.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

35. STATUTORY AUDITORS

On the advice of the Comptroller and Auditor General of India, New Delhi, your Company
appointed the under mentioned firm of Chartered Accountants as Statutory Auditor of your
Company for the year 2022-23.

Name of the Auditor Address of the Auditor

SL No
1 M/s.OM Kejriwal & Co. Plot no. A-17/10, Surya Nagar, near S.P. Vigilance Office,
Bhubaneswar, Odisha-751003

The Statutory Auditor Report on the Accounts of the Company for the Financial Year ended
31stMarch, 2023 forms part of the Directors Report.

36. COMMENTS BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA

(CAG) ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31st
Mar’23.

The Comptroller and Auditor General of India (CAG) had conducted Supplementary Audit under
Section 143 (6) (a) of the Companies Act, 2013 of the financial statements of OMDC for the year
ended 31st March, 2023. The comments of Comptroller & Auditor General of India under Section
143 (6) (b) of the Companies Act, 2013 on the Accounts of the Company for the year 2022-23
forms part of this report.

37. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT

A Secretarial Audit was conducted during the year by the Secretarial Auditors M/s.Vidhya Baid &
Co., Practicing Company Secretaries. The Secretarial Auditor's Report for the financial year
ending 31stMarch, 2023 forms part of the Board's Report. Certain observations were made on
composition of Board, delay in compliance of SEBI LODR Regulations, etc.

Management has replied that the appointment of Directors on the Board is in the hands of
Government of India and the company is continuously following up with Ministry of Steel in
respect of filling up of Board level vacancies. It was also informed that the company has received
Notices from NSE on noncompliance of certain regulations (17,18,19,20,21,24A etc.,) and levied
penalties. Company has applied for waiver in most of the cases and the same are pending at NSE.
As on date of the report, the NSE has rejected 3 waiver requests of the company against which an
amount of approx. Rs. 15 lakhs has been paid to NSE.

38. MAJOR LEGAL CASES:

CASES RELATING TO OMDC:

The company is contesting a good number of legal cases in the High Court at Calcutta, as well as
High Court at Cuttack, DRAT (Kolkata) & Supreme Court etc. Few of the major cases are detailed
as under:

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105 th ANNUAL REPORT - FY’ 23

i. F.M.A - 941 of 2012 (F.M.A.T No. - 649 of 2012) & F.M.A - 939 of 2012 (F.M.A.T No. - 650 of
2012)- The case is pending before the High Court, Calcutta

Both the appeals relate to The Orissa Minerals Development Co. Ltd. & Jai Balaji Industries Ltd.
The dispute was raised by Jai Balaji Industries Limited concerning the Supply of Iron Ore (10-30
mm) & Iron Ore (5-18 mm) respectively. The matter was referred for adjudication by Arbitrator.
Arbitration award was passed in favour of Jai Balaji Industries Limited. As per the award, OMDC
is required to pay the claim amount of Rs.5,03,79,834.11 including interest calculated up to 15th
September,2010 & further interest till realization of the same and the claim amount of
Rs.3,55,03,760.33 including interest calculated up to 15th September,2010 & further interest till
realization of the same respectively. OMDC preferred these two appeals against the arbitration
awards before the High Court, Calcutta & the matters are sub-judice. Two separate applications
filed by Jai Balaji Industries Limited before NCLT, Calcutta, are dropped in terms of the direction
passed by NCLAT, New Delhi.

Two execution proceedings, filed by Jai Balaji Industries Limited to execute the arbitration
awards passed in its favor i.e. Money Execution Case No.: 04 of 2021 & Money Execution Case
No.: 05 of 2021, are pending for adjudications before the Commercial Court, Rajarhat (West
Bengal).

Two Revision applications being CO. No. 2110 of 2022 and CO. No. 2111 of 2022are filed by OMDC
before the High Court, Calcutta challenging orders dated 04.06.2022 passed in the above money
execution cases. Both the revision applications are pending for hearing.

ii. Money Execution - Case No. 04/21 (Arising out of Money Suit No. - 46/2019)- the case is
pending before, The Commercial Court, Alipore (West Bengal)

The dispute relates to alleged delay in transmission of shares & payment of dividends to the LRs
of a deceased share holder. The applicants approached the court claiming compensation for such
delay, loss on profit, harassment etc. Vide order (Judgment) dated. 14.09.2021 the suit was
decreed on contest with cost in favor of the applicants. OMDC is directed to pay Rs.4,58,16,186/-
to the plaintiff with pendentelite & future interest. DHrs. have filed the present execution case for
realization of their decretal dues.

The OMDC preferred an appeal being no. FAT- 58/2022 (FMAT- 690/2021) before the High
Court, Calcutta on 15.11.2021 challenging the aforesaid judgment dated 14.09.2021 passed by the
Ld. Commercial Court, Alipore. A petition (CAN-01/2021) is also filed before the High Court
praying for stay of the execution proceeding as an interim relief pending disposal of the Appeal.
Vide order dated 22.03.2022 the appeal is admitted. The execution of the decree is directed to be
stayed subject to furnishing bank guarantee for Rs.5.00 Crores in favor of Ld. Registrar General
of High Court. However, the OMDC due to financial crunch has not been able to furnish the bank
guarantee. The appeal is pending for disposal.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

The Bank Guarantee since could not be furnished, the Commercial Court, Alipore took the view
to proceed with the instant Execution Case.

iii. Visa Steel Ltd.

A long term agreement was entered into between OMDC & VISA Steel Ltd for supply of BF grade
iron ore CLO (10-30mm) Fe 64% (acceptable up to 62.5% Fe) at the basic price of Rs 512 per MT
F.O.R Thakurani, Barajamda, Orissa excluding Royalty, Sales Tax and per siding charges on
actual basis for a period of 55 months commencing from the date of agreement (21st
December,2004) with the provision that the basic price shall be reviewed & revised by OMDC
from time to time as applicable to major PSU’s & long term customer.

Dispute and difference arose between the parties following which VISA STEEL LTD invoked the
arbitration clause. Accordingly, the dispute was referred to arbitration. Both the parties mutually
agreed to appoint Sri V N KHARE, Former chief justice, Supreme Court of India as the sole
Arbitrator. Visa Steel ltd claimed an amount of Rs. 190.21 cores and OMDC submitted the counter
claim Rs.1.35 cores and additional claim of Rs. 254 Crores with 10% interest.

The arbitration proceeding commenced from 24.01.2008. The last date of sitting was on
14.12.2019. The matter is pending for further adjudication.

iv. East India Minerals Limited [EIML]

An Arbitration proceeding is going on between East India Minerals Limited and OMDC, before
three members’ bench and the first meeting of the arbitral tribunal was held on 25.04.2007.
OMDC challenged the basis of EIML case as untenable at the Arbitration. It is understood that
the last sitting of the Arbitration i.e. 32nd sitting was held on 04.02.2016 fixing the next date to
11.03.2016. However, no further date is yet been fixed and the matter remained idle since
04.02.2016.

It is understood from the petition filed by EIML before the High Court, Calcutta that the Learned
Presiding Arbitrator (P.A.) has died. Accordingly, EIML filed petition U/s. 14 & 15 of the
Arbitration and Conciliation Act, 1996 being A.P. No. 677/2022 before the High Court, Calcutta
praying for appointment of a Learned Presiding Arbitrator to Continue with the Arbitration
proceeding.

The High Court vide judgment dated 19.05.2023 has allowed the petition filed by EIML and
appointed Shri Ashok Kr. Ganguly J. former Judge S.C. as substitute/P.A. The P.A. issued notice
to the parties fixing the next dates of hearing to start the proceeding. However, the arbitrator for
OMDC expressed his inability to appear as Arbitrator due to his acute ill health and expressed his
intention to retire from the proceeding. The advocate for OMDC under instruction has informed
the same to the P.A. requesting to defer the proceedings.

CASES RELATING TO BPMEL:

v. Case No.: CA 400/2013 - (Pending before the High Court, Calcutta)

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105 th ANNUAL REPORT - FY’ 23

This Company Application related to 3 Mining Leases of BPMEL filed before the Calcutta High
Court by TPG Equity Management Pvt. Ltd. (TPGEMPL) against the Official Liquidator, BPMEL
and others. In the said application, TPGEMPL prayed to allow the proposed scheme of revival of
3 Mining Leases in its favor staying the winding up / liquidation proceeding of BPMEL. It was
further prayed not to jeopardize its right, title and interest over the property of BPMEL. In the
said application OMDC has entered its appearance as an intervener and opposing the contention
of TPGEMPL.

An interim order in the said application (CA No. 400 of 2013) is passed on 9th August 2019,
wherein the Hon’ble High Court directed for formation of a High-Power committee consisting of
three members i.e. one from the Central Government, one from the Orissa State Government and
one member from Orissa Mineral Development Company (OMDC) to take a decision by a
reasoned order with regard to the renewal of the subject leases. The court also directed to hear
the version of TPG Equity Management Private Limited while taking the decision.

In compliance of the order, the Dept. of Heavy Industry vide its letter dated. 20.03.2020 formed
a High-Power Committee consisting of the representatives of Govt. of India, Govt. of Odisha and
OMDC to hear the issue raised by TPGEMPL. Meeting was held on 03.07.2020 through Video
Conference. OMDC has submitted its comments to DHI, Govt. of India. It is understood from the
Dept. of Steel & Mines, Govt. of Odisha that Govt. of Odisha has preferred appeal to Supreme
Court [SLP.(C) No. 007315-007316/2021] challenging the order of High Court, Calcutta. The
report of the committee is yet to be filed by DHI before High Court Calcutta.

The Supreme Court vide its order dated 08.10.2021 upon hearing SLP.(C) No. 007315-
007316/2021 directed for issue notice staying the operation and effect of the impugned order until
further order. The matter is pending for further hearing. OMDC is yet to receive notice for
appearance.

vi. Appeal No -129/2014 (AOO. TA/216/94) & Appeal No -130/2014 (AOO. TA/216/94)- Both
cases pending before the Hon’ble Debt Recovery Appellate Tribunal, Kolkata

These two Appeals are filled by OMDC before the DRAT, Kolkata. One challenging the
Judgment/Recovery Proceedings by DRT-1, Kolkata (being Appeal No.129/2014) and another i.e.
Appeal No 130/2014 was filed challenging an Order passed by DRT-1 Kolkata [i.e. exonerating
one of the JDr. (Bharat Bhari Udyog) from the liabilities and making OMDC responsible for
repayment of loan].

The appeals are being heard in part by the Ld DRAT, Kolkata and awaits for final hearing.

[Be it noted here that, BPMEL had availed certain financial assistance from UCO Bank and
couldn't repay the dues. For which UCO Bank filled Money Suit for recovery against BPMEL at
HC, Calcutta. The suit was decreed and transferred to DRT-1, Kolkata (being TA- 216/1994) for
recovery followed by initiation of Recovery Proceedings (being RP-142/2003) before the RO,
DRT-1 Kolkata.]

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

vii. RVWPET 127 of 2023, RVWPET 128 of 2023 & RVWPET 126 of 2023 - Pending before the
High Court, Orissa (Cuttack)

OMDC filed two writ petitions being W.P.(C) No.16874/2009 & W.P.(C) No.9432/2013 for
renewal of mining leases in its favour and also to upheld its right, title and interest over the three
mining leases held in the name of BPMEL. The Govt. of Odisha had also filed WP (C) No-
1852/2010 challenging the order passed by Revision Authority, Ministry Mines, Govt. of India in
favour of OMDC/BPMEL w.r.t. renewal of Kolha-Roida Mines.

The High Court, Orissa (Cuttack) while hearing three (3) writ petitions filed by & between OMDC,
Govt. of Orissa and BPMEL disposed of by a common order dated 09.03.2023 against
OMDC/BPMEL.

After discussion with the advocate on record, separate petitions were filed by OMDC before the
High Court, Orissa (Cuttack) on 11.04.2023 praying for review of its earlier orders.

viii. Certificate Case No.: 32/2018

This case was filed by DDM, Joda in the Court of Collector and District Magistrate-cum-
Certificate Officer, Keonjhar against BPME Ltd. U/Sec. 6 of OPDR Act, 1962 for realization of
penalty amount of Rs.871,43,77,003/- towards violation of Environment Clearance as per sec.
21(5) of MMDR,1957.

The matter was heard & final order is passed on 22.06.2019 by the Certificate Court for realization
of penalty amount.

39. RISKS & MITIGATING STEPS

The Company has identified various risks faced by the Company from different areas. As required
under SEBI (LODR) Regulation 2015, the Board has adopted a Risk Management policy whereby
a proper framework is set up and the same is under revision. Accordingly, the company has
constituted a Risk Management Committee comprising of 5 (Five) Members where in LIC
Nominee Director as Chairman, One Independent Director, MD OMDC, CFO OMDC and
GM(Tech) are members of the committee.

40. BOARD OF DIRECTORS

Shri Atul Bhatt, Chairman of M/s. RINL was appointed as non-executive Chairman.

Shri D K Mohanty, DC, RINL was appointed as MD (Addl. Charge) & Director (P&P) of the
Company. Further, Ministry of Steel vide its order 7/7/2015-BLA dated 24.07.2023 the additional
charge of the post of Managing Director, OMDC, Scheduled B CPSE, Subsidiary company of RINL
under the Ministry, to Shri Deb Kalyan Mohanty, D(C), RINL and Non-Executive Nominee
Director on the Board of OMDC is extended ex-post facto w.e.f. 01.12.2022 upto 30.04.2024, i.e.
the date of his retirement or until further orders, whichever is earlier.

Smt. Swapna Bhattacharya, DDG, MoS was appointed as Government Nominee Director of the
Company.
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105 th ANNUAL REPORT - FY’ 23

Shri A.K Saxena, Director (Operations), RINL ceased to be Non-Executive Director of OMDC w.e.f
28.12.2022.

Smt. Dr. T N Sarasu, Shri M. Saravanan and Shri Siddarth Sambhu were appointed as
Independent Directors of the Company on 1.11.2021, 1.11.2021 and 3.11.2021 respectively.

Shri T.R Mallik was appointed as nominee director of OMDC by LIC of India w.e.f 31.05.2023 in
place of Shri D P Mohanty who ceased to be LIC Nominee Director of OMDC w.e.f. 30.05.2023.

41. WOMAN DIRECTOR

In terms of the provisions of Section 149 of the Companies Act, 2013 and SEBI (LODR) Regulation
2015, a company shall have at least one “Woman Director” on the Board of the company.
Presently, Two (2 nos.) Women Directors Viz., Smt. Swapna Bhattacharya, Deputy Director
General, Ministry of Steel & Smt. Dr. T N Sarasu, Independent Director are on the Board of your
Company.

42. DETAILS OF KEY MANAGERIAL PERSONNEL

Shri R K Behera was appointed as CFO and KMP of the company by the Board w.e.f. 30.08.2022.
Earlier CFO, Shri L N Biswal was superannuated from 31.07.2022.

Shri S Raja Babu was appointed as Company Secretary and Compliance Officer of the Company
w.e.f. 11.11.2022. Earlier Company Secretary Smt. Urmi Chaudhary resigned and she was relieved
from services w.e.f. 16.06.2022.

43. REPORTON MANAGEMENT DISCUSSIONS AND ANALYSIS

A Report on Management Discussions and Analysis as required in terms of Schedule V of the SEBI
(LODR) Regulation, 2015 forms part of the report.

44. CORPORATE GOVERNANCE

A report on Corporate Governance regarding compliance of the conditions of Corporate

Governance pursuant to Schedule V of the SEBI (LODR) Regulation, 2015 also forms part of this
Directors' Report.

Certificate attested by the CEO/CFO is also enclosed forming part of the Corporate Governance
Report and Certificate on Compliance was obtained from a Practicing Company Secretary
regarding compliance of the conditions of Corporate Governance as stipulated under Regulation
34(3) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 also forms
part of this Annual Report.

45. DEPOSITS

Your company has not accepted any deposits covered under Chapter-V of the Companies Act,
2013 during the period under review.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

46. LISTING

The Company's shares are listed at The Calcutta Stock Exchange Limited CSE, National Stock
Exchange Limited NSE and also traded in Bombay Stock Exchange Limited BSE under permitted
category.

47. DEPOSITORYSYSTEM

The Company's shares are under compulsory Demat mode. The Company has entered into
agreement with National Securities Depository Limited (NSDL) and Central Depository Services
Limited (CDSL).

All the Shareholder except 106 nos. are holding shares in dematerialized form. Members having
certificate in physical form have been requested to dematerialize their holdings for operational
convenience.

48. ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act 2013, a copy of Annual Return in Form No MGT-
7 for the FY ended on 31st March, 2023, has been placed on the Website of the Company
athttp://www.birdgroup.in.

49. APPOINTMENT OF DIRECTORS AND REMUNERATION POLICY

Being a Central Public Sector Enterprise, the appointment, tenure, performance evaluation,
remuneration, etc., of Director are made/fixed by the Government of India.

The remuneration of officers is decided as per Government guidelines. On Pay Revision and
remunerations of other employees of the company, the same is decided as per Wage Settlement
Agreement entered with the Employees Union. The appointments/promotions etc. of the
employees are made as per Recruitment and Promotion Policy approved by the Board.

50. DIVIDEND DISTRIBUTION POLICY

The Board of Directors has approved Dividend Distribution Policy which has been uploaded on
the website of the company http://www.birdgroup.in

51. BUSINESS RESPONSIBILITY STATEMENT

In compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, Business Responsibility Report (BRR) is annexed to this report.

52. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION

OF THE COMPANY

There are no material changes and commitment, affecting the financial position of the company
which has occurred between the end of the financial year and the date of the report.

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105 th ANNUAL REPORT - FY’ 23

53. CAUTIONARY STATEMENT

Statements in the report, describing the Company’s objectives, expectations and/or anticipations
may be forward looking within the meaning of Applicable Laws, Rules and Regulations. Actual
results may differ materially from those stated in the statement. Important factors that could
influence the Company’s operations include global and domestic supply and demand conditions
affecting selling prices of finished goods, availability of inputs and their prices, changes in the
Government policies, regulations, tax laws, economic developments within the country and
outside and other factors such as litigations and industrial relations.

The Company assumes no responsibility in respect of the forward-looking statements, which may
undergo changes in future on the basis of subsequent developments, information or events.

54. DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations
obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of
the Companies Act, 2013:

i. That in the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures;

ii. That the Directors had selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of the financial period and of the profit
or loss ofthe Company for that period;

iii. That the Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the assets of
the Company and for preventing and detecting fraud and other irregularities;

iv. That the Directors had prepared the annual accounts on a going concern basis.

v. The Directors, in the case of a listed company, had laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively.

vi. That the Directors had devised proper system to ensure compliance with the provisions of all
applicable laws were in place and that such systems were adequate and operating effectively.

vii. The Company’s Statutory Auditors, Secretarial Auditors, CAG, etc., has conducted periodic
audits to provide reasonable assurance that the Company’s approved policies and procedures
have been followed.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

55. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their grateful appreciation for the continued
support and guidance received from the Government of India especially the Ministry of Steel,
Ministry of Mines, Ministry of Environment, Forest & Climate Change, Ministry of Corporate
Affairs and from Government of Odisha and other Departments of Government of India and
States.

Your Director places on records their sincere thanks to the support extended by the valued and
esteemed Customers, Shareholders, Stakeholders, Railway Department, Banks and the Suppliers.
Directors also wish to convey their appreciation to all the Unions and employees of the
organization for their valuable contributions and support.

For and on behalf of the Board

Sd/-

Chairman
(Atul Bhatt)

Place: Visakhapatnam

Date: 12.08.2023

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105 th ANNUAL REPORT - FY’ 23

REPORT OF MANAGEMENT DISCUSSION AND

ANALYSIS
SWOT ANALYSIS

STRENGTH WEAKNESS
• 3 (three) mining leases namely (1) Dalki
• OMDC is one of the earliest mining
Manganese Mines, (2) Kolha Roida Iron &
companies in India having decades of
Manganese mines, (3) Thakurani Iron &
experience in scientific mining.
Manganese Mines, are in the name of
• Has rich Reserve of Iron & Manganese Ore.
Bharat Process & Mechanical Engineers
• Lease validity for Belkundi, Bhadrasahi &
Limited (BPMEL) under the Ministry of
Bagiaburu mines are up to 15.08.2026,
Heavy Industry. The mining activities of
30.09.2030 & 10.10.2041 respectively.
BPMEL mines were carried out by OMDC
• Bagiaburu mine is having valid Forest
under Power of Attorney. Still all the
Clearance & Environmental Clearance and
surface rent & dead rent being paid by
mining operation will be started shortly in
OMDC in the hope of getting the ownership
the month of Nov’23.
of three mines in the name of OMDC.
• Belkundi mine is having Forest Clearance &
• Shortage of statutory manpower as there is
Public Hearing is scheduled to be held on
no recruitment since 2012.
25.10.2023.
• Employees Salary is of 1997 pay scale.
• ~3.58 lakh tones of additional un-disposed
stock of Iron Ore Fines (58-60% Fe grade)
at Bhadrasahi Mines and ~0.34 lakh tonnes
of Iron Ore Fines (51-55% Fe grade) at
Bagiaburu mines have been updated in
i3MS Portal of Government of Odisha GoO
on 25.01.2023.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

OPPORTUNITIES THREATS

• OMDC is running with acute financial crisis and

• The operation of Bagiaburu mines is
salaries to the employees are not disbursed
likely to start shortly by Sep’2023.
regularly.
Environmental clearance of Belkundi
mines will be obtained after successful • Non vesting of three major mining leaseholds

conductance of public hearing and which are in the name of BPMEL constitutes

mining operation will be resumed by 1st threat.

quarter of FY 2024-25. • Disposal of various Court Cases lying in various

Courts/Revisional Authorities related to
mining lease/financial claims.
• Risk factors such as high inflation, rising energy
prices, uncertain international environment,
change in government policies could affect the
Company’s performance adversely.

1. PERFORMANCE

There was no mining activity of OMDC during the year 2022-23. Owing to non-availability of
statutory clearances all the mines have remained non-operational. The company is vigorously
pursuing the matter for obtaining statutory clearance with the state government and central
government authorities, so as to resume its mining operations at an early date.EC of Bagiaburu
has been obtained on 14.07.2023 and mining will resume by Sept 2023.

2. OUTLOOK

The mining operation of Bagiaburu mines is expected to resume by Sept 2023. Co terminus Forest
Clearance (FC) for Belkundi mines is at an advanced stage. Environmental Clearance of Belkundi
mines will be obtained after successful conductance of Public Hearing and mining operation likely
to be resumed by 1st quarter of FY 2024-25.

Exploring the possibility for enhancement of production capacity in near future through up
gradation in technological aspects is incorporated in the MDO contract for the operationalization
of Belkundi mines.

3. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

OMDC has put in place all the necessary internal controls which are adequate and effective.

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105 th ANNUAL REPORT - FY’ 23

4. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL

PERFORMANCE OF THE COMPANY

The financial performance of the Company is placed here in below:

a. SALES FROM OPERATIONS AND PROFIT ARE SHOWN IN TABLE I

The details of Sales from operation and Profit after tax for the financial year 2022-23as compared
to previous financial year 2021-22 is represented in Table I.

Table-1: Sales from Operations ( in Rs lakhs)

2022-23 2021-22
Sales* 3,553.07 8,267.87
Other Income 941.92 679.17
Total Expenses 7,370.38 10,318.92
Profit before tax (2,721.94) (1,357.26)
Profit after tax (1,654.18) (1,449.40)

It can be observed from the above table that Company Loss before tax was Rs. (2721.94) Lakhs as
compared to Rs. (1,357.26) Lakhs for previous year. Loss after tax was Rs. (1654.18) Lakhs as
compared to Rs. (1449.40) Lakhs during previous year.

b. APPROPRIATION

During the year 2022-23, the Company did not transfer any amount to General Reserve out of
Profit and Loss.

c. DIVIDEND

The Board of Directors of the Company did not recommend any dividend for the year ended
31stMarch, 2023 due to loss incurred by the company during the financial year 2022-23.

5. INDUSTRIAL RELATION AND HUMAN RESOURCE MANAGEMENT

Employees on roll of the Company as on 31stMarch, 2023 had been 234 as compared to 251 as on
31st March, 2022.

Strength of SC/ST/OBC as on 31st March, 2023 is

234 nos. (Exe. -60 & Non-Exe. - 174)

Total No. of Employees
Scheduled Caste among them 27 nos. (Exe. -6 & Non-Exe. - 21)
Scheduled Tribes among them 46 nos. (Exe. -00 & Non-Exe. -46)
OBC 55 nos. (Exe. -13 & Non-Exe. - 42)
Total of SC, ST and OBC 128 nos.

In order to have continued cordial industrial relation, a system of Permanent Negotiation

Mechanism (PNM) has been introduced to have meetings with Unions at fixed intervals, for
creating the better coordination between the Management &Workers; for smooth functioning of
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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

the organization and expeditious decisions for the settlement of grievances. Training program is
taken up to enhance the skill-sets of the employees in alignment with their respective roles as
required.

6. ENVIRONMENTAL PROTECTION AND CONSERVATION, TECHNOLOGICAL

CONSERVATION, RENEWAL ENERGY DEVELOPMENTS, FOREIGN EXCHANGE
CONSERVATION

a. Environmental Protection and Conservation: Your Company is taking measures to protect the
environment and conserve the resources as per the recently developed Corporate
Environment Policy of the Company.

b. Energy Conservation: The Company consumes purchased electricity. Adequate steps are
taken by the Company to reduce the electricity consumption.

c. Technology absorption: The Company has not absorbed any new technology during the year.

d. Foreign Exchange Earnings and Outgo: There was no transaction in foreign exchange
during the year.

7. CORPORATE SOCIAL RESPONSIBILITY

Corporate Social Responsibility (CSR) has been an integral part of our business philosophy and
your Company has been following it much before it became a norm for the corporate sector in
India. As the Average net profits of OMDC for the last three years is negative, no amount was
allocated to CSR during FY 2022-23.

However, Your Company is focused in areas such as Health, Education, Employment generation,
Empowerment of women and Drinking Water etc. which are enumerated under schedule VII of
Companies Act, 2013.

8. CAUTIONARY STATEMENT

Statements made in the Director’s Report and Report on Management Discussion and Analysis
describing the Company’s objectives, projections, estimates, expectations, predictions etc may be
“forward-looking statements” within the meaning of applicable laws, rules and regulations. Actual
results could differ materially from those expressed or implied. Important factors that could make
a difference to the Company’s operations include economic conditions affecting demand/ supply
and price conditions in the domestic markets in which the Company operates, changes in the
Government regulations, tax laws, litigation, industrial relations and other statutes and incidental
factors. Readers are cautioned not to place undue conviction on the forward-looking statements.

*************

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105 th ANNUAL REPORT - FY’ 23

CORPORATE GOVERNANCE REPORT

"Corporate Governance encompasses a set of systems and practices to ensure that the Company’s
affairs are being managed in a manner which ensures accountability, transparency and fairness
in all transactions in the widest sense.”

1. A BRIEF STATEMENT ON COMPANY’S PHILOSOPHY

The essence of Corporate Governance lies in promoting and maintaining integrity, transparency
and accountability in the management’s higher echelons. The demands of Corporate Governance
require professionals to raise their competence and capability levels to meet the expectations in
managing the enterprise and its resources effectively with the highest standards of ethics. It has
thus become crucial to foster and sustain a culture that integrates all components of good
governance by carefully balancing the complex inter-relationship among the Board of Directors,
Audit Committee, Finance, Compliance teams, Auditors and the Senior Management. Above all,
OMDC feels honoured to be integral to India’s social development. Details of several such
initiatives are available in the Report on Corporate Social Responsibility.

Corporate Governance at OMDC is based on the following main principles:

In essence we believe that good corporate governance consists of a system of structuring,

operating and controlling a company such as to achieve the following:

a. A culture based on a foundation of sound business ethics.

b. Fulfilling the long term strategic goal of the owners while taking into account the
expectations of all the key stakeholders, and in particular consider and care for the
interests of employees, past, present and future work to maintain excellent relations with
both customers and suppliers take account of the needs of the environment and the local
community.

c. Maintaining proper compliance with all the applicable legal and regulatory requirements
under which the company is carrying out its activities.

d. Ensuring timely flow of information to the Board and its Committees to enable them to
discharge their functions effectively.

e. Independent verification and safeguarding integrity of the Company’s financial reporting.

f. A sound system of risk management and internal control.

g. The annual secretarial audit reports are placed before the Board, is included in the Annual
Report.

h. Timely and balanced disclosure of all material information concerning the Company to all
stakeholders.

i. Transparency and accountability.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

j. Fair and equitable treatment of all its stakeholders including employees, customers,
shareholders and investors.

We believe that an organization must be structured in such a way that all the above requirements
are catered for and can be seen to be operating effectively by all the interest groups concerned.

ETHICS POLICIES

At OMDC, we strive to conduct our business and strengthen our relationships in a manner that is
dignified, distinctive and responsible. We adhere to ethical standards to ensure integrity,
transparency, independence and accountability in dealing with all stakeholders. Therefore,
OMDC have adopted various codes and policies to carry out duties in an ethical manner. Some of
these codes and policies are:

• Code of Conduct for Directors and Senior Management Personnel

• Code of Ethics and Business Conduct for the Employees of OMDC

• Risk Management Policy

• Integrity Pact to enhance transparency in business

• Whistle Blower Policy/ Vigil Mechanism.

• Conduct, Discipline and Appeal Rules for employees.

• Policy on determination of materiality of events or information

• Code of Practice and Procedure for fair Disclosure.

Based on the aforesaid objectives and in compliance with the disclosure requirements of SEBI
(LODR) Regulations, 2015 executed with the Stock Exchanges as well as the Guidelines on
Corporate Governance for Public Sector Enterprises, issued by the Department of Public
Enterprises (DPE), the detailed Corporate Governance Report of OMDC is as follows:

2. BOARD OF DIRECTORS

As on 31st March, 2023 the Board of OMDC comprises of 7 nos. (seven) directors, headed by Ex-
Officio Non-Executive Chairman, Ex-Officio Non-Executive Nominee Director nominated by
Rashtriya Ispat Nigam Limited (RINL), a Government Nominee Director, three Independent
Directors and one Non-Executive Nominee Director nominated by Life Insurance Corporation of
India (LICI).

Note: Due to non-availability of requisite no. of Independent Directors on the Board, the
company is not able to comply with reg. 17 of the SEBI (LODR) Regulations, 2015. As your
company is being CPSE, the Directors are appointed by Government of India. Therefore, the
company is continuously following up with Ministry of Steel, Government of India to induct the
requisite number of Independent Directors as per sanctioned strength to comply with the
statutory requirements.

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105 th ANNUAL REPORT - FY’ 23

a. Composition and category of Board of Directors of OMDC

Category wise Composition of the Board of Directors as on 31st March, 2023 is as follows:

• Shri Atul Bhatt, Non-Executive Chairman

• Shri Deb Kalyan Mohanty, Non-Executive Nominee Director & MD

• Smt. Swapna Bhattacharya, Government of India Nominee Director, Woman Director

• Shri T.R Mallick (Nominee Director of LIC of India)

• Shri Sidharth Shambhu, Independent Director

• Smt. Sarasu T.N, Independent Director, Women Director

• Shri M. Saravanan, Independent Director

Managing Director and Functional Director are appointed by Government of India for a period of
five years from the date of his assumption of charge of the post or till the age of superannuation
or until further orders whichever is earliest. The Directors are initially appointed by the Board as
Additional Director in terms of the provisions of the Companies Act, 2013 and thereafter by the
shareholders in the Annual General Meeting. At present, the company does not have any director
as Executive or whole-time director in its Board except Shri D K Mohanty, Director (Commercial),
RINL is having additional charge of MD, OMDC

Government Nominee Director representing Ministry of Steel (MoS) retires from the Board on
ceasing to be official of Ministry of Steel, Government of India. Non- Executive Directors
(Independent) are normally appointed for tenure of three years.

b. Board Meeting Procedures

i. The Board of Directors is the apex body constituted by shareholders for overseeing the
Company’s overall functioning. The Board provides and evaluates the Company’s strategic
direction, management policies and their effectiveness and ensures that shareholders’
long-term interests are being served. The Board has constituted four Committees, namely
Audit Committee, Corporate Social Responsibility Committee, and Stakeholders’
Relationship Committee, Nomination & Remuneration Committee. The Board is
authorized to constitute additional functional Committees, from time to time, depending
on business needs.

ii. The meetings are convened by giving appropriate advance notice after seeking approval of
the Chairman of the Board/ Committee as the case may be. To address specific urgent
needs, meetings are also being called at a shorter notice. In case of exigencies or urgency
resolutions are also passed by way of circulation.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

iii. Detailed agenda note containing the management reports and other explanatory
statements are circulated in advance in the agenda format amongst the Directors for
facilitating meaningful, informed and focused decisions at the meetings. Where any
document or the agenda of the Board/Committee is of confidential nature, the same is
tabled with the approval of Chairman. Sensitive subject matters are discussed at the
meeting without written material being circulated. In special and exceptional
circumstances, additional or supplemental item(s) on the agenda are permitted.

iv. Presentations are made to the Board/ Committee covering Finance, Operations, major
Business Segments, Human Resources, Marketing and Legal whenever required.

Information placed before the Board of Directors

As per Regulation 17(7) of SEBI (LODR)Regulations,2015 Part A of Schedule-II, the Board of

Directors has complete access to minimum information within the Company. The minimum
information, inter alia, regularly supplied to the Board includes:

• Annual operating plans and budgets and any updates.

• Capital budgets and any updates.

• Quarterly results for the Company and its operating divisions or business segments.

• Minutes of meetings of audit committee and other committees of the board of directors.

• The information on recruitment and remuneration of senior officers just below the level
of board of directors, including appointment or removal of Chief Financial Officer and the
Company Secretary.

• Show cause, demand, prosecution notices and penalty notices, which are materially
important.

• Fatal or serious accidents, dangerous occurrences, any material effluent or pollution

problems.

• Any material default in financial obligations to and by the Company, or substantial non-
payment for goods sold by the Company.

• Any issue, which involves possible public or product liability claims of substantial nature,
including any judgment or order which, may have passed strictures on the conduct of the
Company or taken an adverse view regarding another enterprise that may have negative
implications on the Company.

• Details of any joint venture or collaboration agreement.

• Transactions that involve substantial payment towards goodwill, brand equity, or

intellectual property.

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105 th ANNUAL REPORT - FY’ 23

• Significant labour problems and their proposed solutions. Any significant development in
Human Resources/Industrial Relations front like signing of wage agreement,
implementation of Voluntary Retirement Scheme etc.

• Sale of investments, subsidiaries, assets which are material in nature and not in normal
course of business.

• Quarterly details of foreign exchange exposures and the steps taken by management to
limit the risks of adverse exchange rate movement, if material.

• Non-compliance of any regulatory, statutory or listing requirements and shareholders

service such as non-payment of dividend, delay in share transfer etc.

c. Compliance

Company Secretary circulates agenda, notes on agenda, minutes of the meeting(s)etc, as

applicable to the Company in accordance with Secretarial Standard (SS-1 & 2)

d. Attendance of each Director at the Board Meeting, Last AGM, Number of

Directorship and Membership/Chairmanship of Committee

The details of the Directors with regard to their category, directorship in other companies, and
membership/chairmanship in committees of the Board of other companies, Attendance at Board
Meetings and Annual General Meetings during 2022-23 are as follows:

S. Category No. of No. of Attendan No. of No. of OMDC No. of Board Sub-
No Name & Meeting Board ce at last other Board Sub- Committees
Designation of the s held Meetin AGM Directorshi Committees Chairman /
Director(s) during gs held on ps held as Chairman/Mem Member in other
respectiv attende 16.12.202 on ber as on Companies as on
e tenure d 2 31.03.2023 31.03.202 31.03.2023
of
Director Chair Memb Chair Member
man er man
Ex-officio Non- Executive Chairman
1 Shri Atul Bhatt, 5 5 Yes 4 - - - -
CMD, RINL&
Chairman, OMDC
(DIN:07639362)
Ex-officio Non- Executive Director (Nominated by RINL)
2 Shri D K Mohanty, 5 5 Yes 4 - - - -
D(C), RINL &
Nominee Director
& MD, OMDC
(DIN:08520947)
3 Shri A K Saxena, 5 4 Yes NA NA NA NA NA
Ex- D(O), RINL &
Nominee Director,
OMDC
(DIN:08588419)
(upto 28.12.2022)
Part-time Official Directors (i.e. Government Nominee Director)
4 Ms. Swapna 5 5 Yes 2 - - - -
Bhattacharya
DDG, MoS & Govt.
Director
(DIN:08828304)

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

LIC of India Nominee Director (Nominated by LICI)

5 Shri T R Mallick - - - - NA NA NA NA
LIC Nominee
Director (w.e.f.
31.05.2023)
(DIN:09579743)
6 Shri D P 5 5 Yes - 1 1 NA NA
Mohanty, LIC
Nominee
Director (upto
30.05.2023)
(DIN:07819143)
Part-time Non-official Directors (i.e. Independent Directors)
7 Dr. T N Sarasu 5 5 Yes - - 2 - -
(DIN:09593230)
8 Shri M 5 4 Yes - 1 1 - -
Saravanan
(DIN:07819143)
9 Shri Sidharth 5 4 Yes - - 2
Shambhu
(DIN:01646617)
10 Shri Sohanlal 11 11 No - - - - -
kadel
(DIN:01556858)
upto 21.10.2023

e. NAME OF LISTED COMPANIES IN WHICH DIRECTORS OF THE COMPANY

HOLDING DIRECTORSHIP

SL Directors holding Name of listed companies Date of

No. directorship in other Appointment
listed companies
1 Shri Atul Bhatt Eastern Investments Ltd 13.09.2021
The Bisra Stone Lime Company Ltd 13.09.2021
2 Shri. D.K. Mohanty The Bisra Stone Lime Company Ltd 19.05.2020
3 Smt. Swapna Bhattacharya Eastern Investments Ltd 02.07.2020
The Bisra Stone Lime Company Ltd 02.07.2020
* In accordance with Regulation 26(1)(b) of SEBI (LODR)Regulations,2015, Chairmanship/ Membership
of only the Audit Committees and Stakeholders Relationship Committees of all Public limited companies
whether listed or not in which he/she is a Director have been considered.

** The other Directorships held by Directors as mentioned above, do not include Directorships of Private
Limited Companies, Foreign Companies, Section 8 Companies under Companies Act, 2013.

Notes:

i. Directors are not related to each other;

ii. The Directorships/Committee Memberships are based on the latest disclosure received
from Directors.

iii. The Directors neither held membership of more than 10 Committees nor acted as
Chairperson of more than 5 Committees as specified in Regulation 26 of the Listing
Regulations and Clause 3.3.2 of Guidelines on Corporate Governance for Central Public

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105 th ANNUAL REPORT - FY’ 23

Sector Enterprises issued by Department of Public Enterprises across all the companies in
which they were Directors.

iv. Matrix setting out the skills/ expertise/ competence of Board of Directors: OMDC being a
Government Company, Board of Directors are appointed by the Government of India
through the Administrative Ministry viz. Ministry of Steel. The Skills/ Expertise/
Competence as required in the context of business and areas pertaining to the company
are identified by Govt. of India and accordingly selection of directors on the Board is made
by GoI as per its own procedures and rules. The Company has a competent Board with
background and knowledge of the Company’s Businesses. All the Directors have requisite
skills, expertise, competence in the areas of leadership, risk management, strategic
planning, analytical thinking, corporate governance, finance, cost control measures and
general administration. The Board comprises Directors from diverse experience,
qualifications, skills, expertise etc. which are aligned with the Company’s business, overall
strategy, corporate ethics, values and culture etc.

v. One (1 nos.) Meeting of Independent Directors was conducted on 18.03.2023 during the
year under review.

vi. None of the directors including Independent Director have resigned before the expiry of
their term during the financial year.

f. Meeting of Board & Attendance during the year 2022-23

During the year 2022-2023, five (5) Board Meetings were held, the details of which are given
below:

S. No. Board Meeting Board Meeting Board Strength Number of Directors

BM No. BM Date Present
1 BM-70 27.05.2022 9 8
2 BM-71 30.8.2022 9 8
3 BM-72 28.09.2022 9 8
4 BM-73 11.11.2022 8 7
5 BM-74 13.02.2023 7 6

3. COMMITTEES

The Board committees focus on certain specific areas and make informed decisions with the
authority delegated to them. Each committee of the Board functions according to its charter that
defines its composition, scope, power and role in accordance with Companies Act, 2013, SEBI
(LODR) Regulations, 2015 and DPE Guidelines on Corporate Governance. Presently, the
Company is having following Board Committees:

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

3.1. AUDIT COMMITTEE

a. Terms of reference:

The primary function of the Audit Committee is to assist the Board of Directors in fulfilling its
oversight responsibilities by reviewing the Financial Reports; the Company's systems of internal
controls regarding finance, accounting and legal compliance that Management and the Board
have established; and the Company's auditing, accounting and financial reporting process
generally.

The Audit Committee reviews reports of the Internal Auditors, meets Statutory Auditors,
discusses their findings, suggestions and other related matters and reviews major Accounting
Policies followed by the Company. The Audit Committee reviews with management, the Quarterly
and Annual Financial Statements before their submission to the Board.

The minutes of the Audit Committee meetings are circulated to the Board, discussed, and taken
note of.

b. Composition, Name of Members and Chairperson

The Audit Committee of OMDC consists of the following Directors:

• Shri M Saravanan, Non-Executive Independent Director and Chairman

• Smt Sarasu T.N, Non- Executive Independent Director and Member

• Shri Sidharth Shambhu, Non-Executive Independent Director and Member

• Shri TR Mallik, LIC of India Nominee Director

• Shri D.K Mohanty, Managing Director-Invitee

The Company Secretary shall act as the Secretary to the Audit Committee.

c. Meetings of Audit Committee & attendance during the year

During the year under review, 5 nos. (Five) meetings of the Audit Committee were held. The
details of attendance of the Members are indicated below:

S No. Audit Meeting No Audit Meeting Strength of Audit No. of Members

date committee present
1 ACM/11/2022 27.05.2022 7 4
2 ACM/12/2022 30.08.2022 7 6
3 ACM/13/2022 11.11.2022 7 6
4 ACM/14/2023 13.02.2023 4 3
d. Attendance of each Director at the Audit Committee Meetings

Sl. No. Name of the Director No. of meetings held No. of meetings
attended
1 Shri A.K Saxena 3 3
2 Shri D. P. Mohanty 4 4
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105 th ANNUAL REPORT - FY’ 23

3 Shri D.K. Mohanty 4 4

4 Shri Sohanlal Kadel 2 0
5 Shri Sidharth Shambhu 4 1
6 Shri M. Saravanan 4 4
7 Smt T.N Sarasu 4 4

e. Role & Power of Audit Committee as per SEBI (LODR) & DPE Guidelines:

• The Chairman of the Audit Committee shall be an Independent Director.

• All members of Audit Committee shall have knowledge of financial matters of Company,
and at least one member shall have good knowledge of accounting and related financial
management expertise.

• The Chairman of the Audit Committee shall be present at Annual General Meeting to
answer shareholder queries; provided that in case the Chairman is unable to attend due to
unavoidable reasons, he may nominate any member of the Audit Committee.

• The Audit Committee may invite such of the executives, as it considers appropriate (and
particularly the head of the finance function) to be present at the meetings of the
Committee. The Audit Committee may also meet without the presence of any executives
of the company. The Finance Director, Head of Internal Audit and a representative of the
Statutory Auditor may be specifically invited to be present as invitees for the meetings of
the Audit Committee as may be decided by the Chairman of the Audit Committee.

• The Company Secretary shall act as the Secretary to the Audit Committee.

f. Role of Audit Committee:

The role of the Audit Committee shall include the following:

i. Oversight of the company’s financial reporting process and the disclosure of its financial
information to ensure that the financial statement is correct, sufficient and credible.

ii. Recommending to the Board the fixation of audit fees.

iii. Approval of payment to statutory auditors for any other services rendered by the statutory
auditors.

iv. Reviewing, with the management, the annual financial statements before submission to the
Board for approval, with particular reference to:

• Matters required to be included in the Director’s Responsibility Statement to be included

in the Board’s report in terms of clause (2AA) of section 217 of the Companies Act,1956;

• Changes, if any, in accounting policies and practices and reasons for the same;

• Major accounting entries involving estimates based on the exercise of judgment by

management;

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

• Significant adjustments made in the financial statements arising out of audit findings;

• Compliance with legal requirements relating to financial statements;

• Disclosure of any related party transactions; and

• Qualifications in the draft audit report.

v. Reviewing, with the management, the quarterly financial statements before submission to
the Board for approval.

vi. Reviewing, with the management, performance of internal auditors and adequacy of the
internal control systems.

vii. Reviewing the adequacy of internal audit function, if any, including the structure of the
internal audit department, staffing and seniority of the official heading the department,
reporting structure, coverage and frequency of internal audit.

viii. Discussion with internal auditors and/or auditors any significant findings and follow up
thereon.

ix. Reviewing the findings of any internal investigations by the internal

auditors/auditors/agencies into matters where there is suspected fraud or irregularity or a
failure of internal control systems of a material nature and reporting the matter to the
Board.

x. Discussion with statutory auditors before the audit commences, about the nature and scope
of audit as well as post-audit discussion to ascertain any area of concern.

xi. To look into the reasons for substantial defaults in the payment to the depositors, debenture
holders, shareholders (in case of non-payment of declared dividends) and creditors.

xii. To review the functioning of the Whistle Blower Mechanism.

xiii. To review the follow up action on the audit observations of the C&AG audit.

xiv. To review the follow up action taken on the recommendations of Committee on Public
Undertakings (COPU) of the Parliament.

xv. Provide an open avenue of communication between the independent auditor, internal
auditor and the Board of Directors

xvi. Review all related party transactions in the company. For this purpose, the Audit Committee
may designate a member who shall be responsible for reviewing related party transactions.

xvii. Review with the independent auditor the co-ordination of audit efforts to assure
completeness of coverage, reduction of redundant efforts, and the effective use of all audit
resources.

xviii. Consider and review the following with the independent auditor and the management:

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105 th ANNUAL REPORT - FY’ 23

• The adequacy of internal controls including computerized information system controls

and security, and

• Related findings and recommendations of the independent auditor and internal auditor,
together with the management responses.

xix. Consider and review the following with the management, internal auditor and the
independent auditor:

• Significant findings during the year, including the status of previous audit
recommendations

• Any difficulties encountered during audit work including any restrictions on the scope of
activities or access to required information

g. Powers of Audit Committee

Commensurate with its role, the Audit Committee should be invested by the Board of Directors
with sufficient powers, which should include the following:

• To investigate any activity within its terms of reference

• To seek information on and from any employee

• To obtain outside legal or other professional advice, subject to the approval of the Board
of Directors

• To secure attendance of outsiders with relevant expertise, if it considers necessary.

• To protect whistleblowers.

h. Review of information by Audit Committee

The Audit Committee shall review the following information:

• Management discussion and analysis of financial condition and results of operations;

• Statement of related party transactions submitted by management;

• Management letters / letters of internal control weaknesses issued by the statutory

auditors;

• Internal audit reports relating to internal control weaknesses;

• The appointment and removal of the Chief Internal Auditor shall be placed before the
Audit Committee; and

• Certification/declaration of financial statements by the Chief Executive/ Chief Finance

Officer.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

3.2. STAKEHOLDERS RELATIONSHIP COMMITTEE

A Stakeholders' Relationship Committee is constituted to consider and resolve the grievances of

the security holders of the Company including complaints related to transfer of shares, non-
receipt of balance sheet, non-receipt of declared dividend, .etc.

a. Composition, Name of Members and Chairperson

The Stakeholders Relationship Committee of OMDC consists of the following Directors:

• Shri. Shidharth Shambhu, Independent Director - Chairman

• Shri. M. Saravanan, Independent Director- Member

• Shri D.K Mohanty, Managing Director OMDC- Member

b. Meetings of Stakeholders Relationship Committee & attendance during the year

During the year under review, no meetings of the Stakeholders Relationship Committee could be
conducted. The Chairman of the Committee has attended the Annual General meeting for the year
2022.

3.3. NOMINATION AND REMUNERATION COMMITTEE

The Board of Directors will reconstitute the Nomination and Remuneration Committee at the
ensuing Board Meeting.

a. Composition, Name of Members and Chairperson

The present composition of the Nomination & Remuneration Committee is as under:

• Shri T.R. Mallick, Non-Executive Nominee Director and Member

• Shri. D.K Mohanty, Whole Time Director and Invitee

• Dr. Sarasu TN, Non-official Independent Director and Chairman

• Shri Sidharth Shambhu, Non-official Independent Director and Member

The scope, powers and terms of reference of the Nomination & Remuneration Committee are as
per the directives issued by DPE, SEBI(LODR)Regulations, 2015, the Companies Act,2013 etc.

During the year under review, 1 (one) meeting of the Nomination and Remuneration Committee
were held.

b. Remuneration of Directors

• OMDC being a Government Company, the terms and conditions of appointment and
remuneration of Functional Directors are determined by Government through its
administrative Ministry, Ministry of Steel. Non- executive Part -time Official Directors
(Independent) does not have any pecuniary relationship or transaction with the company

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105 th ANNUAL REPORT - FY’ 23

except their sitting fees/ re-imbursement in relation to meeting of the Board / committee
attended by them.

• OMDC is a Government Company and as per the MCA circular, exemptions have been
given to Government Companies from applicability of Section 178 (2), (3), (4) of the
Companies Act, 2013.

• The non-executive Directors are paid sitting fees as approved by the Board within the
ceiling fixed under the Companies Act, 2013 and as per guidelines issued by the
Government of India.

• During the year under review, the Non-Executive Independent Directors/Nominee

Director were paid sitting fees of Rs 7,500/- per meeting for attending the meeting of the
Board, any Committee meeting or otherwise incurred in the execution of their duties as
Director.

• Government Director, Ex-Officio Non-Executive Directors are not paid sitting fees for
attending the meeting of the Board or any Committee meeting thereof.

• During the year, the Non-Executive Independent Directors/ Nominee Director received
sitting fees for attending the meetings of the Board/Committee etc. as follows:

Name of the Independent Directors/ Sitting Fees (in Rs)

Nominee Director

Shri D. P. MOHANTY 75,000

Shri SOHANLAL KADEL 15,000
Shri SIDHARTH SHAMBHU 22,500
Shri M. SARAVANAN 67,500
Smt SARASU T. N 75,000

c. Remuneration Policy:

OMDC, being a Central Public Sector Enterprise, the appointment, tenure, performance
evaluation, remuneration, etc., of Directors are made/ fixed by the Government of India. The
remuneration of officers is decided as per Government guidelines on Pay Revision and
remunerations of other employees of the company are decided as per Wage Settlement Agreement
entered with their Union every ten years. The appointments/promotions etc. of the employees are
made as per Recruitment and Promotion Policy approved by the Board.

3.4. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

Corporate Social Responsibility is the Company's commitment to its stakeholders to conduct

business in an economically, socially and environmentally sustainable manner, whereby
organizations serve the interests of the society by taking responsibility for the impact of their
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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

activities. The Board of Directors of the Company has constituted Corporate Social Responsibility
Committee and has also approved Corporate Social Responsibility Policy of the Company

a. Composition, Name of Members and Chairperson of the CSR Committee:

The CSR Committee of OMDC consists of the following Directors:

• Shri T.R. Mallik, Non-Executive Nominee Director and Member

• Shri. Sidharth Shambhu, Independent Director and Member

• Shri M Saravanan, Independent Director and Chairman

• Shri D.K Mohanty, Managing Director-Member

Considering the status of financial statements as on 31st March 2023, and the absence of any profit
for last 3 financial years, it has not proposed budget for F.Y 2022-23.

3.5. SHAREHOLDERS RELATED MATTERS

a. During the year 2022-2023 the following cases of transfer / transmission / issue of duplicate
shares were received and processed:

Particulars No. of Cases No. of Equity Shares

Transfer of shares NIL NIL
Transmission of shares 2 11,000
Issue of duplicate share certificates 1 6,000

b. Details of Dematerialization of Physical Shares and Re-materialization of Shares during the

period from 1st April, 2022 to 31st March, 2023.

Particulars DEMAT REMAT

No. Of cases No of equity No. Of cases No of equity
shares shares
NSDL 4 5,420 NIL NIL
CDSL 3 6,250 NIL NIL
TOTAL 7 11,670 NIL NIL

c. Name and designation of the Compliance Officer: Shri S Raja Babu, Company Secretary

d. Details in respect of shareholders’ complaints in SEBI Complaint Redressal System

(SCORES):

Description Nos
Number of shareholders complaints received during the year 4
Number of complaints redressed during the period 4
Number of pending complaints as on 31.03.2023 NIL

e. During the financial year ended 31st March, 2023, the Company and the RTA have attended
investor grievances expeditiously except for the cases constraint by disputes or legal
impediment.

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105 th ANNUAL REPORT - FY’ 23

f. Pursuant to Regulation 62(1)(d) of SEBI(LODR) Regulations,2015 the Company’s e-mail for

Grievance Redressal purpose is info.birdgroup@nic.in where complaints can be lodged by the
investors.

4. GENERAL BODY MEETINGS

a. The details of the location and time of Annual General Meetings (AGMs) of OMDC held during
last three years are as under:

Year Venue Date Time

2019-20 Through VC/OAVM at Sail Office, 16-12-2020 11.00 A.M.
Ground Floor,271, Bidyut Marg, Unit-IV,
Sastri Nagar, Bhubaneswar-751001
2020-21 Through VC/OAVM at Sail Office, 29-09-2021 10.00 A.M.
Ground Floor,271, Bidyut Marg, Unit-IV,
Sastri Nagar, Bhubaneswar-751001
2021-22 Through VC/OAVM at Sail Office, 16-12-2022 11.30 A.M.
Ground Floor,271, Bidyut Marg, Unit-IV,
Sastri Nagar, Bhubaneswar-751001

b. Details of Special Resolutions passed in last three Annual General Meetings: ONE

c. Details of Extra Ordinary General Meeting held during the last three years: NIL

5. DISCLOSURES:

a. There are no materially significant related party transactions which have potential conflict
with the interest of the Company at large. The policy on related party transactions has been
placed on the Company’s website. (http://birdgroup.co.in/wp-content/uploads/POLICY-
ON-MATERIALITY-OF-RELATED-PARTY-TRANSACTIONS.pdf)

b. During the last three years, Company has received various notices from NSE and levied
penalties as per SOP of SEBI (LODR) Regulations on non-compliance of Composition of
Board, Constitution of Board Sub Committees, delay filing of different Reports and
intimations to Stock Exchanges by the company. The company has complied with the said
compliances and applied for waiver of penalty levied by NSE. Some of the waiver applications
were rejected by NSE and the penalty was paid by the company with the approval of competent
authority.

c. Non- executive Directors are not holding any shares or convertible instruments in the
Company.

d. No personnel of the Company have been denied access to the Audit Committee.

e. The Independent Directors of the Company furnished a declaration at the time of his
appointment and also annually that he meets the criteria of independence as provided under
law. The Board reviews the same and is of the opinion, that the Independent Director fulfill

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

the conditions specified in the Act and the Listing Regulations and are independent of the
management.

f. All the recommendations of the committees have been accepted during the year.

g. The Company paid Rs. 6.27 Lakh to the Statutory Auditors for the statutory audit and other
services provided by them during the year.

h. The Company has a Whistle Blower Policy and the same is uploaded on its website
(http://birdgroup.co.in/wp-content/uploads/Whistle-Blower-Policy0001.pdf).

i. The Company has a competent and independent vigilance department, headed by Chief
Vigilance Officer (CVO), its officer for monitoring any unethical behavior, actual or suspected
fraud or violation of the Company’s code of conduct or ethics policy. All the personnel are
having the access to the vigilance department for their complaints, grievances etc.

j. SEBI notified the SEBI (Prohibition of Insider Trading) Regulations, Amendments 2018 & 19
which came into effect from April, 2019.Pursuant thereto, the Company has formulated and
adopted a new Code for Prevention of Insider Trading.

k. The new code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting
Trading by Insiders” and the “ Code of Practices and Procedures for Fair Disclosure of
Unpublished Price Sensitive Information” allows the formulation of a trading plan subject to
certain conditions and requires pre- clearance for dealing in the Company’s shares. It also
prohibits the purchase or sale of Company’s shares by the Directors, designated employees
and connected persons, while in possession of unpublished price sensitive information in
relation to the Company and during the period when the Trading Window is closed.

l. The Company publishes the quarterly unaudited/audited financial results in leading National
English Newspaper as mentioned under Heading “ Means of Communication”

m. The unaudited/audited financial results are also posted on Company’s website. The Company
communicates official news, major events, performances, achievements, presentations etc.
through electronic media, newspapers and also on website.

n. It is always Company’s endeavour to present unqualified financial statements.

o. The Company has complied with the requirement of Corporate Governance as per
SEBI(LODR)Regulations,2015 and DPE Guidelines on Corporate Governance except
provisions related to composition of Board of Directors. As OMDC is a Government Company,
Directors will be appointed by Government of India. OMDC is continuously following up with
Ministry of Steel, Government of India on the matter for early appointment of vacant position
on Board of OMDC.

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105 th ANNUAL REPORT - FY’ 23

6. OTHER DISCLOSURES

a. The Company has formulated and implemented Code of Conduct for all Board Members and
Senior Management of the Company in compliance with Regulation 17(5) of SEBI (LODR)
Regulations, 2015. The same has also been posted at the Company’s website at
(http://birdgroup.co.in/wp-content/uploads/coc-omdc.pdf). All Board Members and Senior
Management personnel affirm compliance with the code on annual basis. A declaration to this
effect for the relevant year duly signed by Managing Director of the Company is annexed with
this report.

b. The certification by CEO and CFO in compliance with Regulation 33(2)(a) of

SEBI(LODR)Regulations,2015 to the Board is appended to this report.

c. The Company has also laid down the Enterprise Risk Management Policy and Procedures
thereof for periodically informing Board Members about the risk assessment and minimizing
procedures. (http://birdgroup.co.in/wp-content/uploads/OMDC-Risk-Management-
policy.pdf)

d. In preparation of the Financial Statements, the Company have been prepared in accordance
with the relevant provisions of the Companies Act, 2013, Indian Accounting Standards (Ind
AS) prescribed under section 133 of the Companies Act, 2013.

e. None of the Directors inter-se related to other Directors of the Company.

f. The details of the Presidential Directives received by the Company and the compliance thereof
have been provided in the Directors’ Report.

g. There have been no public issues, right issues or other public offerings during the past five
years. The Company has not issued any GDR’s/ADR’s/Warrants or any convertible
instruments.

h. The Board has periodically reviewed the Compliance Reports of all applicable laws to the
Company and has ensured the compliance of all the applicable laws.

i. Being a PSU, appointment/nomination of majority of the Directors are done by Government

of India through Ministry of Steel. The Company has not adopted any mechanism for
evaluating individual performance of Non-Executive Board Members.

j. Other than the sitting fees paid (Rs. 7,500/ per day per Director), Part time Non-Executive
Directors have no pecuniary relationship or transactions with the Company during the year
under report.

k. Items of expenditure debited in books of accounts, which are not for the purposes of the
business : Nil

l. Expenses incurred which are personal in nature and incurred for the Board of Directors and
Top Management: Nil

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

m. The Company has not granted any Options during the financial year 2020-21.

n. Disclosures with respect to Demat suspense account/unclaimed suspense account: No Shares

are kept under Demat/unclaimed suspense account.

o. The compliance with corporate governance requirements specified in regulation 17 to 27

regarding Board of Directors, Audit Committee, Nomination and Remuneration Committee,
Stakeholders Relationship Committee, Vigil Mechanism, Related Party Transactions,
Obligations with respect to Independent Directors, Directors & Senior Management have been
complied by OMDC Limited except composition of the Board as explained in the report.

p. Foreign Exchange Risk and Hedging activities: Not required as OMDC has no exposure to
foreign exchange.

7. COMPLIANCE WITH NON-MANDATORY REQUIREMENTS

The Company has complied with and adopted the following non-mandatory requirements of SEBI
(LODR) Regulations,2015 are appended below:-

a. The Board: The Chairman is Ex-Officio Non-Executive Chairman. Chairman’s office is

separate from that of the Managing Director & CEO and no reimbursement of his expenses is
made by the Company.

b. Separate posts of Chairman and CEO: The Chairman of the Board is a Non-executive Director
and his position is separate from that of the Managing Director & CEO.

c. Shareholders’ Rights: The Company's financial results are published in the newspapers and
also posted on its own website. Hence, the Financial Results are not sent to the shareholders.
However, the Company furnishes the financial results on receipt of request from the
shareholders.

d. Audit Qualification: The Statutory Auditors did not qualify the Company’s Standalone
Financial Statements for the year ended March 31, 2023.

8. HOLDING/ SUBSIDIARY COMPANY

The Orissa Minerals Development Company Limited (OMDC) is a subsidiary of Eastern

Investments Limited (EIL) and EIL is subsidiary of Rashtriya Ispat Nigam Limited (RINL). Thus
OMDC became step-down subsidiary of RINL

OMDC does not have any subsidiary company.

9. MEANS OF COMMUNICATION

i. News Releases, Presentation, etc.: Company communicates major achievements and

important events taking place in the Company through Press, Electronic Media and also on
its website (http://www.birdgroup.co.in/omdc/press-releases/).

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105 th ANNUAL REPORT - FY’ 23

ii. Annual Report: Annual Report containing, inter alia, Audited Annual Accounts, Directors’
Report, Auditors’ Report and other important information is circulated to members and other
entitled thereto. The Management‘s Discussion and Analysis Report forms part of the Annual
report and is displayed on the Company’s website.

iii. Chairman’s Communication: Printed copy of the Chairman Speech is distributed to all the
shareholders at the Annual General Meetings. The same is also attached with the Annual
Report of the Company.

iv. Reminder to Investors: Reminders for unclaimed dividend are sent to the shareholders as per
records every year.

v. NSE Electronic Application Processing System (NEAPS): The NEAPS is a web based
application designed by NSE for Corporate. The quarterly compliances are mandatorily filed
electronically on NEAPS.

vi. SEBI Complaints Redress System (SCORES): The investor complaints are processed in a
centralized web-based complaints redress system. The salient features of this system are:
Centralized database of all complaints, online upload of Action Taken Reports (ATR) by the
concerned companies and online viewing by investors of actions taken on the complaint and
its current status.

vii. Green Initiative in the Corporate Governance: As part of the green initiative process, the
company has taken an initiative of sending documents like notice calling Annual General
Meeting, Corporate Governance Report, Directors Report, audited financial statements,
auditor’s report, dividend intimations etc., by email. Physical copies are sent only to those
shareholders whose email addresses are not registered with the company. Shareholders are
requested to register their email id with Registrar and transfer agent / concerned depository
to enable the company to send the documents in electronic form or inform the company in
case they wish to receive the above documents in paper mode.

10. GENERAL SHAREHOLDER INFORMATION

i. AGM Date, Time and Venue:

Time Venue
Date
23.12.2023 11.00 AM Through VC/OAVM at Sail Office, Ground Floor,271, Bidyut
Marg, Unit-IV, Sastri Nagar
Bhubaneswar-751001

ii. Share Transfer System: Entire share transfer activities under physical segment are being
carried out by CB Management Services Pvt. Ltd. The share transfer system consists of
activities like receipt of share transfers along with transfer deed/form from transferees, its
verification, preparation of Memorandum of transfers, etc. Share transfers /transmission
are approved by sub-committee / authorized persons (Company Secretary). A summary of
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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

transfer/transmission of shares is placed at Stakeholders' Relationship Committee/ Board

meeting. The Company obtains from a Company Secretary in Practice half-yearly certificate
of compliance with the share transfer formalities as required under Regulation 40 (10) of
the Listing Regulations and files a copy of the said certificate with Stock Exchanges.
However, as per SEBI Gazette Notification dated 8 June, 2018, now physical shares can be
transferred. No shares in physical form have been transferred during 2021-22

iii. Financial Calendar for 2022-23

Sl. No. Approval / Adoption of On or before

1st quarter result (Unaudited) 14.08.2022

2nd quarter result (Unaudited) 14.11.2022

3rd quarter result (Unaudited) 14.02.2022

4th quarter result (Unaudited) 30.05.2023

Next Annual General Meeting within 31st December, 2023 (As per RoC approval for
extension of time for convening AGM)
iv. Date of Book Closure: 16th Dec’2023 to 22nd Dec’ 2023 (both days inclusive)

v. During the year the Securities of the Company was not suspended from trading.

vi. No credit ratings required during the year 2022-23.

vii. No presentation was made Institutional Investors or analyst.

viii. Listing on Stock Exchanges: OMDC shares are listed on - National Stock Exchange
(Exchange Plaza, Plot No. C/1, Block-G, Bandra Kurla Complex, Bandra (E), Mumbai –
400051, Calcutta Stock Exchange (7, Lyons Range, Kolkata-700001) and got trading
permission under permitted category at Bombay Stock Exchange (1st Floor, PhirozeJee,
Jeebhoy Towers, Bombay Samachar Marg, Mumbai – 400001.Listing fees has been paid to
the Stock Exchanges.

ix. Stock Code

Sl. No. Name of the Stock Exchange where Company’s Scrip Code / Company Code
Equity Shares are Listed
1 National Stock Exchange, Mumbai ORISSAMINE
2 Calcutta Stock Exchange, Kolkata 25058
3 Bombay Stock Exchange, Mumbai 590086

x. Market Price Data: The monthly high & low price of the shares of OMDC for the period from
Apr’22 to Mar’23.

Note: Fully paid-up equity shares of F.V. Rs. 1/- each against every 1 nos. fully paid up equity
shares of F.V. Rs 10/- were allotted to shareholders on 31.10.2012 under new ISIN INE725E01024
of the company. The existing equity shares of face value of Rs. 10/- each bearing distinctive
nos.000001 to 600000 stand cancelled w.e.f 31st October, 2012.

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105 th ANNUAL REPORT - FY’ 23

Market Price Data of the Company’s share at Bombay Stock Exchange Limited (BSE):

Year Month Highest (Rs.) Lowest (Rs.)

2022 April 3,674.80 2,849.20
2022 May 3,445.00 2,569.45
2022 June 2,935.00 2,250.00
2022 July 2,850.00 2,562.20
2022 August 3,367.85 2,741.20
2022 September 3,100.00 2,819.95
2022 October 3,124.80 2,560.05
2022 November 2,813.10 2,460.00
2022 December 3,149.35 2,710.05
2023 January 3299.00 2801.40
2023 February 2912.00 2463.35
2023 March 2780.00 2295.00

Market price data of the Company’s share at National Stock Exchange (NSE):

Year Month Highest (Rs.) Lowest (Rs.)

2022 April 3,640.35 2,849.20
2022 May 3,443.95 2,569.45
2022 June 2,935.00 2,250.00
2022 July 2,850.00 2,315.00
2022 August 3,367.85 2,741.20
2022 September 3,124.80 2,819.95
2022 October 2,901.00 2,560.05
2022 November 2,813.10 2,460.00
2022 December 3,149.35 2,710.05
2023 January 3,299.00 2,801.40
2023 February 2,912.00 2,436.35
2023 March 2,780.00 2,295.00

xi. Liquidity

The Company’s Equity Shares are among the most liquid and actively traded shares on the Indian
Stock Exchanges. OMDC shares are one of the frequently traded shares, both in terms of the
number of shares traded, as well as value. The highest trading activity is witnessed on the NSE
and BSE.

xii. Registrar and Share Transfer Agent (RTA):

CB Management Services (P) Ltd

P-22, Bondel Road, Kolkata–700019

Ph: (033) 4011-6700, Fax: (033) 4011-6739

e-mail: rta@cbmsl.com

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

xiii. Depositories with whom Company has entered into agreement

Name ISIN CODE

Central Depository Services (India) Limited (CDSL) INE 725E01024

National Securities Depository Limited (NSDL) INE 725E01024

xiv. Disclosures with respect to Demat suspense account/unclaimed suspense account: No

Shares are kept under Demat/unclaimed suspense account.

xv. Corporate Identity Number: Corporate Identity Number (CIN) of the Company,
allotted by the Ministry of Corporate Affairs, Government of India is
L51430OR1918GOI034390.

xvi. Payment of Depository Fees: Annual Custody/ Issuer fee for the year 2022-23 has been paid
by the Company to NSDL and CDSL.

xvii. No. of Shares held in dematerialized and physical mode as on 31stMarch, 2023

Particulars Shares % to Share No. of % of Shareholder

capital Shareholders
Held in Dematerialized form 49,41,289 82.35 8,996 45.68
in NSDL
Held in Dematerialized form 8,65,641 14.43 10,590 53.78
in CDSL
Physical 1,93,070 3.22 106 0.54
TOTAL 60,00,000 100.00 19, 692 100.00

xviii. Top Ten Shareholders of the Company as on 31stMarch, 2023

Sl. Name of the Shareholder No. of Shares % of Shareholding

No. held
1. EASTERN INVESTMENTS LIMITED 30,00,890 50.01
2. LICI ASM NON PAR 4,08,296 6.8049
3. 3A CAPITAL SERVICES LIMITED 3,92,005 6.5334
4. Quant Mutual Fund-QUANTISMALL CAP FUND 76,955 1.2826
5. INDIAN BANK 66,000 1.1000
6. MISRILAL JAIN 49,500 0.8250
7. ASP H TANGREE 40,530 0.6755
8. GURSIMRANBIR SINGH 40,000 0.667
9. QUANT MUTUAL FUND ACCOUNT QUANT 31,674 0.5279
INFRASTRUCTURE FUND
10. DEVEN MADHUSHUDAN DOSHI 25,000 0.4167
TOTAL 4,130,850 68.843

xix. Categories of Shareholders with Shareholding Pattern as on 31st March,2023

Sl. No. Shareholders No. of Shares Percentage (%)

1 Government (Central and State) 10 00

2 Government Companies (EIL) 30,00,890 50.01
3 Public Financial Companies 4,58,296 7.64
4 Nationalized and other Banks 86,000 1.43
5 Mutual Funds NIL NIL
6 Venture Capital NIL NIL

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105 th ANNUAL REPORT - FY’ 23

7 Foreign holdings (Foreign institutional investor(s), 17,716 0.29

Foreign companies(s)
Foreign financial institution(s), Non- resident
Indian(s) or overseas corporate bodies or Others
8 Bodies corporate (not mentioned above) 5,19,861 8.66
9 Directors or relatives of directors NIL NIL
10 Other top fifty (50) shareholders (other than listed 15,98,475 26.64
above)
11 Indian Public 1,23,126 2.05
12 Others
a) Clearing Member 1490 0.02
b) NRI 77397 1.29
b) Custodian of Enemy Property for NIL NIL
India
TOTAL 60,00,000 100.00

xx. Distribution of shareholding by size as on 31st March, 2023.

Category No. of Shareholders No. of Shares

Total % of Shareholder Total % to Share Capital
1-500 19101 11.64 6,86,461 11.44
501-1000 298 1.83 2,27,500 3.79
1,001-2,000 147 1.53 2,19,959 3.67
2,001-3,000 59 1.60 1,53,914 2.57
3,001 – 4,000 19 6.26 67,479 1.12
4,001- 5,000 12 30.10 56,602 0.94
5,001-10,000 27 2.76 1,81,796 3.03
10,001-50,000 25 2.02 4,89,098 8.15
50,001-1,00,000 1 3.17 66,000 1.10
1,00,001 and above 3 39.09 38,51,191 64.19
Total 19,692 100.00 60,00,000 100.00

xxi. Geographical Analysis Report as on 31st March, 2023

Number of % of Shareholder Number of Shares % of Shares

State
Shareholders
Ahmadabad 2292 11.64 2,69,195 4.49
Bangalore 360 1.83 22,026 0.37
Chennai 302 1.53 83,424 1.39
Hyderabad 316 1.60 30,939 0.52
Kolkata 1232 6.26 34,01,089 56.68
Mumbai 5928 30.10 15,86,181 26.44
New Delhi 543 2.76 32,777 0.55
Pune 397 2.02 73,485 1.22
Surat 625 3.17 44,413 0.74
Others 7697 39.09 4,56,471 7.60
TOTAL 19,692 100.00 60,00,000 100.00

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

xxii. Transfer of unpaid/ unclaimed dividend amount to Investor Education and Protection
Fund – NIL

xxiii. Address for correspondence with Depositories

National Securities Depository Limited Central Depository Services (India)

Limited
Trade World, 4th & 5th Floor, Kamala Mills Phiroze Jeejeebhoy Towers, 17th Floor,
Compound, Senapati Bapat Marg, Lower Parel, Dalal Street, Mumbai - 400 001
Mumbai - 400 013 Telephone No: 022-2272 3333
Telephone No: 022-2499 4200 E-mail: investors@cdslindia.com
E-mail: info@nsdl.co.in Website: www.cdslindia.com
Website: www.nsdl.co.in
xxiv. Pledge of shares: No pledge has been created over the Equity Shares held by the promoters
as on March 31,2023

xxv. Shareholding of Directors and Key Managerial Personnel: No Directors or KMP’s holds
any shares in the company

xxvi. List of Mines & Mines Locations

Sl. No. MINES NAME & ADDRESS

1 Thakurani Iron & Manganese Mines

P.O. Thakurani, Via – Barbil, District: Keonjhar, (Odisha), Pin: 758035
2 Belkundi Bagiaburu Iron Mines
P.O. Nalda, Via – Barbil, District: Keonjhar, (Odisha), Pin: 758035
3 Bhadrasahi Iron and Manganese Mines
P.O. Kolha, Roida. Via – Joda, District: Keonjhar, (Odisha), Pin: 750038
4 OMDC Sponge Iron Plant
P.O. Thakurani, Via Barbil, District: Keonjhar, (Odisha), Pin: 758035
xxvii. Other Offices at:

Place Address

New Delhi Core-IV, II Floor, Scope Minar,

Laxmi Nagar District Centre, New Delhi-110092
Bhubaneswar Plot.No-2132/5131/5161, Jayadev Nagar, Nageswar Tangi, Bhubaneswar- 751002

xxviii. Address for Correspondence: The shareholders may address their communications /
suggestions / grievances / queries to

CB Management Services (P) Ltd, P – 22, Bondel Road, Kolkata–700019, Phone: (033)
4011-6700, E-mail: rta@cbmsl.com, OR

The Company Secretary, The Orissa Minerals Development Company Limited, C/O, SAIL
OFFICE, GROUND FLOOR, PLOT-271 BIDYUT MARG, UNIT-IV, SHASTRI NAGAR
BHUBANESWAR -751001, E-mail: info.birdgroup@nic.in, Website:
www.birdgroup.gov.in

i. Nomination Facility: Shareholders who hold shares in the physical form and wish to
make/change a nomination in respect of their shares in the Company, as permitted under the
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105 th ANNUAL REPORT - FY’ 23

Companies Act, 2013, may obtain from CB Management Services (P) Ltd, the prescribed
Form. Members holding shares in electronic form may obtain Nomination forms from their
respective Depository Participant (DP).

ii. Investor Safeguards: In pursuit of the Company’s objective to mitigate/avoid risks while
dealing with shares and related matters, the following are the Company’s recommendations
to its members:

a. Open Demat Account and Dematerialize your Shares: Members should convert their
physical holdings into electronic holdings. Holding shares in electronic form helps
Members to achieve immediate transfer of shares. No stamp duty is payable on transfer of
shares held in electronic form and risks associated with physical certificates such as forged
transfers, fake certificates and bad deliveries are avoided.

b. Consolidate your Multiple Folios: Members are requested to consolidate their

shareholding held under multiple folios. This facilitates one-stop tracking of all corporate
benefits on the shares and would reduce time and efforts required to monitor multiple
folios.

c. Confidentiality of Security Details: Folio Nos./DP ID/Client ID should not be disclosed to

any unknown persons. Signed blank transfer deeds, delivery instruction slips should not
be given to any unknown persons.

d. Dealing with Registered Intermediaries: Members should transact through a registered

intermediary who is subject to the regulatory discipline of SEBI, as it will be responsible
for its activities, and in case the intermediary does not act professionally, Members can
take up the matter with SEBI.

e. Obtain documents relating to purchase and sale of securities: A valid Contract

Note/Confirmation Memo should be obtained from the broker/sub-broker, within 24
hours of execution of the trade. It should be ensured that the Contract Note/Confirmation
Memo contains order no., trade no., trade time, quantity, price and brokerage.

f. Update your Address: To receive all communications and corporate actions promptly,
please update your address with the Company or DP, as the case may be.

g. Prevention of Frauds: There is a possibility of fraudulent transactions relating to folios

which lie dormant, where the Member is either deceased or has gone abroad. Hence, we
urge you to exercise diligence and notify the Company of any change in address, stay
abroad or demise of any Member, as and when required.

h. Monitor holdings regularly: Do not leave your demat account dormant for long. Periodic
statement of holdings should be obtained from the concerned DPs and holdings should be
verified.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

i. PAN Requirement for Transfer of Shares in Physical Form: SEBI has mandated the
submission of Permanent Account Number (PAN) for securities market transactions and
off market/private transactions involving transfer of shares of listed companies in physical
form. It is, therefore, mandatory for any transferee(s) to furnish a copy of the PAN card
for registration of such transfers. Members are, therefore, requested to make note of the
same and submit their PAN card copy.

j. Mode of Postage: Share Certificates and high value dividend warrants/cheques/demand

drafts should not be sent by ordinary post. It is recommended that Members should send
such instruments by registered post or courier.

11. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.

The Company had constituted an “Internal Complain Committee” as required under the
provisions of Sexual harassment of women at work place (Prevention, Prohibition and Redressal)
Act, 2013.

During the year under review, no complaint of harassment at the workplace was received by the
Committee.

12. CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

As per Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a Certificate was obtained from M/s. Vidhya Baid &
Co. Practicing Company Secretaries that none of the Directors on the Board of the Company for
the Financial Year ending on 31st March, 2023 have been debarred or disqualified.

13. CAUTIONARY STATEMENT:

Details given here in above relating to various activities and future plans may be ‘forward looking
statements’ within the meaning of applicable laws and regulations. The actual performance may
differ from those expressed or implied.

*********

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105 th ANNUAL REPORT - FY’ 23

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

SECTION A: GENERAL DISCLOSURES

Details of the listed entity

1. Corporate Identity Number (CIN) of the Listed Entity: L51430OR1918GOI034390

2. Name of the Listed Entity: The Orissa Minerals Development Company Limited

3. Year of incorporation: 1918

4. Registered office: address sail office, ground floor, 271, bidyut marg, unit-iv,sastri
nagar,bhubaneswar-751001,odisha

5. Corporate address: sail office, ground floor, 271, bidyut marg, unit-iv,sastri
nagar,bhubaneswar-751001,odisha

6. E-mail: omdc.sec.dept@gmail.com

7. Telephone: 0674-2391595

8. Website: www.birdgroup.co.in

9. Financial year for which reporting is being done: 2022-2023

10. Name of the Stock Exchange(s) where shares are listed: NSE, BSE, CSE

11. Paid-up Capital: 60,00,000

12. Name and contact details (telephone, email address) of the person who may be contacted in
case of any queries on the BRSR report: Shri D K Mohanty, Managing Director, Telephone:
0674-2391595, email:omdc.sec.dept@gmail.com

13. Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e.
only for the entity) or on a consolidated basis (i.e. for the entity and all the entities which form
a part of its consolidated financial statements, taken together): Standalone basis.

Products/services

14. Details of business activities (accounting for 90% of the turnover):

S. Description of Description of % of Turnover of

No. MainActivity Business Activity the entity
01 Manufacturing Mining of Iron Ore 100%
02 Manufacturing Mining of Manganese -
Ore

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):

S. No. Product/Service NIC Code % of total Turnover

contributed
01 Mining of Iron Ore 071 100%
02 Mining of Manganese Ore 072 -

III Operations

16. Number of locations where plants and/or operations/offices of the entity are situated:

Location Number of plants Number of offices Total

National 04 02 06
(Iron Ore Mines(3) & Sponge (Bhubaneswar & New
Iron Plant(1) Delhi)
International - - -

17. Markets served by the entity:

Number of locations

Locations Number
National (No. of States) 2
International (No. of Countries) -
What is the contribution of exports as a percentage of the total turnover of the entity? NIL

A brief on types of customers: Majority of customers are Steel Manufacturers

IV. Employees
18. Details as at the end of Financial Year:

Employees and workers (including differently abled):

S. Particulars Total Male Female

No. (A) No. (B) % (B / A) No. (C) % (C / A)
EMPLOYEES
1. Permanent (D) 62 61 98% 01 2%

2. Other than - - - - -
Permanent (E)
3. Total 62 61 98% 01 2%
employees(D + E)

WORKERS
4. Permanent (F) 174 165 95% 09 5%
5. Other than - - - - -
Permanent (G)
6. Total workers 174 165 95% 09 5%
(F + G)

Differently abled Employees and workers: NIL

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105 th ANNUAL REPORT - FY’ 23

19. Participation/Inclusion/Representation of women

Total No. and percentage of Females

(A)
No. (B) % (B / A)
Board of Directors 7 2 28.5%
Key Management Personnel 3 - -

20. Turnover rate for permanent employees and workers

Not applicable as the company is yet to start its operations

Holding, Subsidiary and Associate Companies (including joint ventures)

21. (a) Names of holding / subsidiary / associate companies / joint ventures

S. Name of the Indicate whether % of shares Does the entity indicated at

No. holding/ holding/ Subsidiary/ held by column A, participate in the
subsidiary/ Associate/ Joint listed Business Responsibility
associate Venture entity initiatives of the listed entity?
companies/ (Yes/No)
joint ventures
(A)
01 Eastern Holding Company 51% No
Investments
Limited
02 Rashtriya Ispat Ultimate Holding - No
Nigam Limited Company
03 The Bisra Stone Fellow Subsidiary - No
Lime Company
Limited
CSR Details

22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) NO

• Turnover (in Rs.): 4494.99 Lakhs

• Net worth (in Rs.): (1280.27) Lakhs

Transparency and Disclosures Compliances

23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National

Guidelines on Responsible Business Conduct: NIL

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Stakeholder Grievance FY 23 FY 22
group from Redressal Current Financial Year Previous Financial Year
whom Mechanis
complaint min
isreceived Plac
e(Yes/No)
(If Number Number
Ye Number of Number of
s,then of complaint Remark of complaint Remark
provide complaint spending s complaint spending s
web-link sfiled resolution sfiled resolution
for during at close of during at close of
grievance theyear the year theyear the year
redress
policy)
Shareholder NA 4 0 - 0 0 0
s
Employee NA 0 0 0 0 0 0
s and
workers
Customers NA 0 0 0 0 0 0
Value NA 0 0 0 0 0 0
Chain
Partners
Other NA 0 0 0 0 0 0
(please
specify)
24. Overview of the entity’s material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to
environmental and social matters that present a risk or an opportunity to your business, rationale
for identifying the same, approach to adapt or mitigate the risk along-with its financial
implications: Not applicable as the company is yet to start its operations.

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processesput
in place towards adopting the NGRBC Principles and Core Elements.

Disclosure P P P P P P P P P
Questions 1 2 3 4 5 6 7 8 9
Policy and management processes
1. a. Whether your entity’s policy/policies cover each Not applicable as the company is yet to start its
principle and its core elementsof the NGRBCs. operations.
(Yes/No)
b. Has the policy been approved by the
Board? (Yes/No)
c. Web Link of the Policies, if available
2. Whether the entity has translated thepolicy
into procedures. (Yes / No)
3. Do the enlisted policies extend to yourvalue
chain partners? (Yes/No)

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105 th ANNUAL REPORT - FY’ 23

4. Name of the national and international

codes/certifications/labels/ standards (e.g.
Forest Stewardship Council, Fairtrade,
Rainforest Alliance, Trustea) standards (e.g. SA
8000, OHSAS, ISO, BIS) adopted by your
entity and mapped to each principle.

5. Specific commitments, goals and targets

set by the entity with defined timelines, ifany.

6. Performance of the entity against the specific

commitments, goals and targets along-with
reasons in case the same are
not met.
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESGrelated
challenges, targets and achievements (listed entity has flexibility regarding the
placement of this disclosure) Not applicable as the company is yet to start its operations.
8. Details of the highest authority responsiblefor Shri D K Mohanty, Managing Director
implementation and oversight of the
Business Responsibility policy (ies).
9. Does the entity have a specified Committee of NA
the Board/ Director responsible for decision
making on sustainability related issues? (Yes /
No). If
yes, provide details.

10. Details of Review of NGRBCs by the Company: NIL

Subject for Review Indicate whether review was Frequency

undertaken by Director / (Annually/ Half yearly/ Quarterly/
Committee of the Board/ Any other – please specify)
Any other Committee
P P P P P P P P P P P P P P P P P P
1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9
Performance against Not applicable as the company is yet to start its operations.
above policies and
follow up action
Compliance with
statutory requirementsof
relevance to the
principles, and,
rectification of any
non-compliances

11. Has the entity carried out independent P P P P P P P P P

assessment/ evaluation of the working of its 1 2 3 4 5 6 7 8 9
policies by an external agency? (Yes/No). If yes,
provide name of the agency.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy,reasons to
be stated:

Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9

The entity does not consider the Principlesmaterial

to its business (Yes/No)

The entity is not at a stage where it is in a position to √ √ √ √ √ √ √ √ √

formulate and implement the policies on specified
principles (Yes/No)

The entity does not have the financial or/human and √ √ √ √ √ √ √ √ √

technical resources available forthe task (Yes/No)

It is planned to be done in the next financialyear No. As the company is yet to start its operations.
(Yes/No) Will be planned after the start of operations and
generating sufficient revenues
Any other reason (please specify)

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the
Principles and Core Elements with key processes and decisions. The information sought is
categorized as “Essential” and “Leadership”. While the essential indicators are expected to be
disclosed by every entity that is mandated to file this report, the leadership indicators may be
voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be
socially, environmentally and ethically responsible. – In view critical financial condition of
OMDC, the company is unable to fulfill the most of the Principle wise performance disclosure
requirements in this report. Operations of Mines of OMDC were stopped since more than 10 years
and the same are yet to start. Hence, in most of the disclosure requirements of this report was
stated as NIL/Not Applicable.

PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a
manner that is Ethical, Transparent andAccountable. – Not Applicable
Essential Indicators

1. Percentage coverage by training and awareness programmes on any of the Principles during
the financial year: NIL

Segment Total number of Topics/principles %age of persons in

training and awareness covered under the respective category
programmes held training and its impact covered by the
awareness programmes
Board of directors NIL: As the company is yet to start its operations at its mines and is facing
Key managerial critical financial crisis. However, Directors of the Company are being
personnel nominated to training Programmes conducted by DPE, SCOPE etc
Employees other than
BoD
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105 th ANNUAL REPORT - FY’ 23

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid
in proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement
agencies/ judicial institutions, in the financial year, in the following format (Note: the entity
shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing
Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s
website): NIL/Not Applicable

3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in
cases where monetary or non-monetary action has been appealed. NIL

4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief
and if available, provide a web-link to the policy. NA. As the company is a CPSE, these issues
will be taken care by Vigilance Dept/CVO/CVC.

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken

by any law enforcement agency for the charges of bribery/ corruption: NIL

6. Details of complaints with regard to conflict of interest: NIL

7. Provide details of any corrective action taken or underway on issues related to fines / penalties
/ action taken by regulators/ law enforcement agencies/ judicial institutions, on cases of
corruption and conflicts of interest. – Not Applicable

8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services

procured) in the following format: NA

9. Open-ness of business

Provide details of concentration of purchases and sales with trading houses, dealers,and related
parties along-with loans and advances & investments, with related parties,: NIL

Leadership Indicators

1. Awareness programmes conducted for value chain partners on any of the Principles during
the financial year: NA.NIL

2. Does the entity have processes in place to avoid/ manage conflict of interests involving
members of the Board? (Yes/No) If Yes, provide details of the same. NO

PRINCIPLE 2 Businesses should provide goods and services in amanner that is sustainable and
safe.

Essential Indicators

1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to

improve the environmental and social impacts of product and processes to total R&D and
capex investments made by the entity, respectively. Not Applicable
Page | 80
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) No

3. b. If yes, what percentage of inputs were sourced sustainably?

4. Describe the processes in place to safely reclaim your products for reusing, recycling and
disposing at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous
waste and (d) other waste. NA

5. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes /
No). If yes, whether the waste collection plan is in line with the Extended Producer
Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken
to address the same. NA

Leadership Indicators

1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products
(for manufacturing industry) or for its services (for service industry)? If yes, provide details in
the following format? Not Applicable

2. If there are any significant social or environmental concerns and/or risks arising from
production or disposal of your products / services, as identified in the Life Cycle Perspective
/ Assessments (LCA) or through any other means, briefly describe the same along-with action
taken to mitigate the same. Not Applicable

3. Percentage of recycled or reused input material to total material (by value) used in production
(for manufacturing industry) or providing services (for service industry). Not Applicable

4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes)
reused, recycled, and safely disposed, as per the following format: NA

5. Reclaimed products and their packaging materials (as percentage of products sold) for each
product category. NA

PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including
those in their value chains

Essential Indicators

1. a. Details of measures for the well-being of employees: NIL

b. Details of measures for the well-being of workers: NIL

c. Spending on measures towards well-being of employees and workers (including permanent and
other than permanent) in the following format – NIL

2. Details of retirement benefits, for Current FY and Previous Financial Year.

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105 th ANNUAL REPORT - FY’ 23

Benefits FY FY
Current Financial Year Previous Financial Year

No. of No. of Deducted No. of No. of Deducted and

employees workers and employees workers deposited with
covered asa covered deposited covered asa covered as a the authority
% of as a % of with the % of % of total (Y/N/N.A.)
total total authority total workers
employees workers (Y/N/N.A.) employees
PF 100 100 Y 100 100 Y
Gratuity 100 100 Y 100 100 Y
ESI NA NA NA NA NA NA
Others NA NA NA NA NA NA
–please
specify

3. Accessibility of workplaces

Are the premises / offices of the entity accessible to differently abled employees and workers, as
per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any
steps are being taken by the entity in this regard. NA

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities
Act, 2016? If so, provide a web-link to the policy. NA

5. Return to work and Retention rates of permanent employees and workers that took parental
leave. NIL

6. Is there a mechanism available to receive and redress grievances for the following categories
of employees and worker? If yes, give details of the mechanism in brief. NIL

7. Membership of employees and worker in association(s) or Unions recognised by the listed

entity: NIL

8. Details of training given to employees and workers: NIL

9. Details of performance and career development reviews of employees and worker: NA

10. Health and safety management system:

a) Whether an occupational health and safety management system has been implemented by
the entity? (Yes/ No). If yes, the coverage such system? NA

b) What are the processes used to identify work-related hazards and assess risks on a routine
and non-routine basis by the entity? NA

c) Whether you have processes for workers to report the work related hazards and to remove
themselves from such risks. (Y/N) NA

d) Do the employees/ worker of the entity have access to non-occupational medical and
healthcare services? (Yes/ No) Yes
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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

11. Details of safety related incidents, in the following format: NIL

12. Describe the measures taken by the entity to ensure a safe and healthy work place. NA

13. Number of Complaints on the following made by employees and workers: NA

14. Provide details of any corrective action taken or underway to address safety-related incidents
(if any) and on significant risks / concerns arising from assessments of health & safety
practices and working conditions. NA

Leadership Indicators

1. Does the entity extend any life insurance or any compensatory package in the event of death
of (A) Employees (Y/N) (B) Workers (Y/N). Yes - As per employees compensation act, 1923.

2. Provide the measures undertaken by the entity to ensure that statutory dues have been
deducted and deposited by the value chain partners. NA

3. Provide the number of employees / workers having suffered high consequence work- related
injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who have been
are rehabilitated and placed in suitable employment or whose family members have been
placed in suitable employment: NIL

4. Does the entity provide transition assistance programs to facilitate continued employability
and the management of career endings resulting from retirement or termination of
employment? (Yes/ No) NA

5. Provide details of any corrective actions taken or underway to address significant risks /
concerns arising from assessments of health and safety practices and working conditions of
value chain partners. NA

PRINCIPLE 4: Businesses should respect the interests of and beresponsive to all its stakeholders
– NA

1. Describe the processes for identifying key stakeholder groups of the entity.

2. List stakeholder groups identified as key for your entity and the frequency of engagement with
each stakeholder group

Leadership Indicators

1. Provide the processes for consultation between stakeholders and the Board on economic,
environmental, and social topics or if consultation is delegated, how is feedback from such
consultations provided to the Board.

2. Whether stakeholder consultation is used to support the identification and management of

environmental, and social topics (Yes / No). If so, provide details of instances as to how the
inputs received from stakeholders on these topics were incorporated into policies and
activities of the entity.
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105 th ANNUAL REPORT - FY’ 23

3. Provide details of instances of engagement with, and actions taken to, address the concerns of
vulnerable/ marginalized stakeholder groups.

PRINCIPLE 5 Businesses should respect and promote human rights - NA

4. Employees and workers who have been provided training on human rights issues and
policy(ies) of the entity: NA

5. Details of minimum wages paid to employees and workers:

6. Do you have a focal point (Individual/ Committee) responsible for addressing human rights
impacts or issues caused or contributed to by the business? (Yes/No) No

7. Describe the internal mechanisms in place to redress grievances related to human rights
issues. NA

8. Number of Complaints on the following made by employees and workers: NIL

9. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention,

Prohibition and Redressal) Act, 2013,:NIL

10. Mechanisms to prevent adverse consequences to the complainant in discrimination and

harassment cases. NIL

11. Do human rights requirements form part of your business agreements and contracts?
(Yes/No) Yes

12. Provide details of any corrective actions taken or underway to address significant risks /
concerns arising from the assessments stated above. NA

Leadership Indicators

1. Details of a business process being modified / introduced as a result of addressing human

rights grievances/complaints.

2. Details of the scope and coverage of any Human rights due-diligence conducted.

3. Is the premise/office of the entity accessible to differently abled visitors, as per the
requirements of the Rights of Persons with Disabilities Act, 2016?

4. Details on assessment of value chain partners

5. Provide details of any corrective actions taken or underway to address significant risks /
concerns arising from the assessments at Question 4 above.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

PRINCIPLE 6: Businesses should respect and make efforts to protectand restore the environment
– NA

1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the
following format: NA

2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the
Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes,
disclose whether targets set under the PAT scheme have been achieved. In case targets have
not been achieved, provide the remedial action taken, if any. NA

3. Provide details of the following disclosures related to water: NA

4. Provide the following details related to water discharged: NA

5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of
its coverage and implementation.

6. Please provide details of air emissions (other than GHG emissions) by the entity: NA

7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity:
NA

8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then
provide details. NA

9. Provide details related to waste management by the entity NA

10. Briefly describe the waste management practices adopted in your establishments. Describe
the strategy adopted by your company to reduce usage of hazardous and toxic chemicals in
your products and processes and the practices adopted to manage such wastes. NA

11. If the entity has operations/offices in/around ecologically sensitive areas (such as national
parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests,
coastal regulation zones etc.) where environmental approvals / clearances are required, please
specify details

12. Details of environmental impact assessments of projects undertaken by the entity based on
applicable laws, in the current financial year:

13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in
India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and
Control of Pollution) Act, Environment protection act and rules thereunder (Y/N). If not,
provide details of all such non-compliances, in the following format:

Leadership Indicators

1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):

For each facility / plant located in areas of water stress, provide the following information:

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105 th ANNUAL REPORT - FY’ 23

i. Name of the area

ii. Nature of operations

iii. Water withdrawal, consumption and discharge:

2. Please provide details of total Scope 3 emissions & its intensity, in the following format:

3. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators
above, provide details of significant direct & indirect impact of the entity on biodiversity in
such areas along-with prevention and remediation activities.

4. If the entity has undertaken any specific initiatives or used innovative technology or solutions
to improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste
generated, please provide details of the same as well as outcome of such initiatives:

5. Does the entity have a business continuity and disaster management plan? Give details in 100
words/ web link.

6. Disclose any significant adverse impact to the environment, arising from the value chain of
the entity. What mitigation or adaptation measures have been taken by the entity in this
regard.

7. Percentage of value chain partners (by value of business done with such partners) that were
assessed for environmental impacts.

PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy,

should do so in a manner that is responsible andtransparent – NA
Essential Indicators

1. 1. a. Number of affiliations with trade and industry chambers/ associations.

b. List the top 10 trade and industry chambers/ associations (determined based on the total
members of such body) the entity is a member of/ affiliated to.

2. Provide details of corrective action taken or underway on any issues related to anti-
competitive conduct by the entity, based on adverse orders from regulatory authorities.

Leadership Indicators

1. Details of public policy positions advocated by the entity:

PRINCIPLE 8 Businesses should promote inclusive growth and equitable development – NA

Essential Indicators

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on
applicable laws, in the current financial year.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R)
is being undertaken by your entity,:

3. Describe the mechanisms to receive and redress grievances of the community.

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:

5. Job creation in smaller towns – Disclose wages paid to persons employed (including
employees or workers employed on a permanent or non-permanent / on contract basis) in the
following locations, as % of total wage cost

Leadership Indicators

1. Provide details of actions taken to mitigate any negative social impacts identified in the Social
Impact Assessments (Reference: Question 1 of Essential Indicators above):

2. Provide the following information on CSR projects undertaken by your entity in designated
aspirational districts as identified by government bodies:

3. (a) Do you have a preferential procurement policy where you give preference to purchase from
suppliers comprising marginalized /vulnerable groups? (Yes/No)

(b) From which marginalized /vulnerable groups do you procure?

(c) What percentage of total procurement (by value) does it constitute?

4. Details of the benefits derived and shared from the intellectual properties owned or acquired
by your entity (in the current financial year), based on traditional knowledge:

5. Details of corrective actions taken or underway, based on any adverse order in intellectual
property related disputes wherein usage of traditional knowledge is involved.

6. Details of beneficiaries of CSR Projects:

PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a
responsible manner – NA

Essential Indicators

1. Describe the mechanisms in place to receive and respond to consumer complaints and
feedback.

2. Turnover of products and/ services as a percentage of turnover from all products/service that
carry information about:

3. Number of consumer complaints in respect of the following:

4. Details of instances of product recalls on account of safety issues:

5. Does the entity have a framework/ policy on cyber security and risks related to data privacy?
(Yes/No) If available, provide a web-link of the policy.

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105 th ANNUAL REPORT - FY’ 23

6. Provide details of any corrective actions taken or underway on issues relating to advertising,
and delivery of essential services; cyber security and data privacy of customers; re-occurrence
of instances of product recalls; penalty / action taken by regulatory authorities on safety of
products / services.

7. Provide the following information relating to data breaches:

a) Number of instances of data breaches

b) Percentage of data breaches involving personally identifiable information ofcustomers

c) Impact, if any, of the data breaches

Leadership Indicators

1. Channels / platforms where information on products and services of the entity can be accessed
(provide web link, if available).

2. Steps taken to inform and educate consumers about safe and responsible usage of products
and/or services.

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of

essential services.

4. Does the entity display product information on the product over and above what is mandated
as per local laws? (Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry
out any survey with regard to consumer satisfaction relating to the major products / services
of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)

******

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

ANNUAL COMPLIANCE WITH CODE OF CONDUCT

Annual Compliance with the Code of Conduct for the Financial Year 2022-2023

Pursuant to the Schedule V (Part D) of SEBI (Listing Obligation and Disclosure Requirement)
Regulation, 2015, I hereby confirm that the Company has received affirmations on compliance
with the Code of Conduct for the financial year ended March 31, 2023 from all the Board Members
and Senior Management Personnel.

For and on behalf of the Board of Directors

The Orissa Minerals Development Company Limited

Sd/-
D.K. Mohanty
Chief Executive Officer & Managing Director
DIN: 08520947
Place: Bhubaneswar
Date: 12.08.2023

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105 th ANNUAL REPORT - FY’ 23

CEO & CFO CERTIFICATION

CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO)
CERTIFICATION PURSUANT TO PART B OF SCHEDULE II OF REGULATION 17(8) of SEBI
(LODR) REGULATIONS,2015.

We, Shri D.K. Mohanty, Chief Executive Officer (CEO) and Managing Director (MD) and Shri R.K
Behera, Chief Financial Officer (CFO) of The Orissa Minerals Development Company Limited
(OMDC) shall certify to the Board that:

A. We have reviewed financial statements and the cash flow statement for the year and that to
the best of our knowledge and belief:

• these statements do not contain any materially untrue statement or omit any material fact
or contain statements that might be misleading;

• these statements together present a true and fair view of the Company’s affairs and are in
compliance with existing accounting standards, applicable laws and regulations.

B. There were, to the best of our knowledge and belief, no transactions entered into by the
Company during the year 2022-2023 which are fraudulent, illegal or violative of the
Company’s code of conduct.

C. We accept responsibility for establishing and maintaining internal controls for financial
reporting and that we have evaluated the effectiveness of internal control systems of the
Company pertaining to financial reporting and we have disclosed to the auditors and the audit
committee, deficiencies in the design or operation of such internal controls, if any, of which
they are aware and the steps we have taken or propose to take to rectify these deficiencies.

D. We have indicated to the Company’s Auditors and the Audit committee:

• significant changes, if any, in internal control over financial reporting during the year;

• significant changes if any, in accounting policies, during the year and that the same have
been disclosed in the notes to the financial statements; and

• As regards to the transaction of the company during the year 2022-2023 is concerned it is
to declare

that we are not aware of any instances of significant fraud and involvement therein, if any, of the
management or an employee having a significant role in the Company’s internal control system over
financial reporting.

Sd/- Sd/-
R.K BEHERA, CFO D.K. MOHANTY, CEO & MD

Place: Visakhapatnam
Date: 07.07.2023

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

SECRETARIAL AUDIT REPORT

FORM No. MR-3

SECRETARIAL AUDIT REPORT

(for the financial year ended 31st March, 2023)

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

The Members

THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

C/O Sail Office, Ground Floor, Plot-271 Bidyut Marg, Unit-IV,

Shastri Nagar, Bhubaneswar- 751001

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and
the adherence to good corporate practices by THE ORISSA MINERALS DEVELOPMENT
COMPANY LIMITED (hereinafter called the “Company”). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the corporate conducts/statutory
compliances and expressing our opinion thereon.

Based on our verification of the Company’s books, papers, minute books, forms and returns filed
and other records maintained by the Company and also the information provided by the
Company, its officers, agents and authorized representatives during the conduct of secretarial
audit, we hereby report that in our opinion, the Company has, during the audit period covering
the financial year ended on 31st March, 2023 generally complied with the statutory provisions
listed hereunder and also that the Company has proper Board-processes and compliance-
mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records
maintained by the Company for the financial year ended on 31st March, 2023, to the extent
applicable, according to the provisions of:

i. The Companies Act, 2013 (the Act) and the Rules made thereunder;

ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the Rules made thereunder;

iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;

iv. Foreign Exchange Management Act, 1999 and the Rules and Regulations made
thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and
External Commercial Borrowings;

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105 th ANNUAL REPORT - FY’ 23

v. The following Regulations and Guidelines prescribed under the Securities and Exchange
Board of India Act, 1992 (‘SEBI Act’) to the extent applicable to the Company:

a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;

b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,
2015;

c. The Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018;

d. Securities and Exchange Board of India (Share Based Employee Benefits and Sweat
Equity) Regulations,2021

e. Securities and Exchange Board of India (Issue and Listing of Non- Convertible Securities)
Regulations,2021;

f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer
Agents) Regulations, 1993 regarding the Companies Act and dealing with client;

g. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations,
2021;

h. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018;

i. The Securities and Exchange Board of India (Listing Obligation and Disclosure
Requirements) Regulations, 2015

These Clauses were not applicable during the year under review.

vi. We further report that the Management has identified and confirmed the following laws
as specifically applicable to the Company:

• The Mines Act, 1952;

• The Mines & Minerals (Development & Regulations) Act, 1957;

• The Legal Metrology Act, 1986

vii. Applicable clauses of Secretarial Standards issued by The Institute of Company

Secretaries of India. Though there exist systems to monitor and ensure compliance with
the applicable Secretarial Standards yet there lies scope to strengthen the same

viii. The Listing Agreements entered into by the Company with the National Stock Exchange
Limited and Calcutta Stock Exchange Limited. The Company has trading permission to
trade under permitted category in the Bombay Stock Exchange (BSE).

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

During the period under review the Company has generally complied with the provisions of the
Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above subject to the following
observations:

1. Due to absence of Independent Directors in the Company, the Company could not comply
with certain provisions of SEBI (LODR) Regulations 2015, the Companies Act, 2013 and
DPE guidelines on Corporate Governance. The Company has initiated to take corrective
measures for the same.

2. The Company has appointed Internal Auditor but provisions under Section 138 of the
Companies Act, 2013 has not been fully complied with.

3. There still remains an unspent amount on account of expenditure under Corporate Social
Responsibility out of the total budget approved for the said purpose.

4. There has been delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company. The company has initiated corrective
measures to rectify the same.

5. Delay in Reporting under Regulation 13(3), 31(1)(b) and 27(2) for the quarter ended 30th
June 2022 has been observed. Delay in Adoption of Unaudited Financial Results under
Regulation 33 for the quarter ended 30th June 2022 has been observed. Delay in
submission of declaration under Regulation 33(3)(d) of the SEBI (LODR) Regulations,
2015 w.r.t appointment of auditor was seen. The Company has also not complied with
Regulation 46(2) regarding website updation and Regulation 47 of SEBI LODR
Regulations with regard to publication in the newspapers is being complied since
December,2022 quarter. No disclosure has been made under Regulation 74(4) and 74(5)
of the SEBI (Depositories and Participants) Regulations. Delay of 1 day in prior
Intimations of Board Meeting held for Adoption of Unaudited Financial Results for the
quarter ended 30th June 2022 has been observed. Delay in intimation of Closure of
Trading window for declaration of Financial Results for the quarter ended 30th June 2022
and 30th September 2022 has been observed. Delay in Intimation regarding Order of
Supreme Court that the Company is permitted to sale its Undisputed Stock lying in
Belkundi Iron and Mn. Mines and Bagiaburu Iron Ore Mines has been observed. Delay in
submission of Reconciliation of share capital audit report for the quarter ended 30th June
2022 has been observed. Regulation 3(5) and 3(6) of SEBI (PIT) Regulations, 2015
requires Structured Digital Database (SDD) to be maintained by the company but the
Company has purchased the said software on March 2023, hence there was delay in
implementation. The Company is in receipt of various notices involving penalties w.r.t.
violations under SEBI Regulations. Payment of penalty to NSE is pending for many
instances since last few years. The company has applied for waiver with NSE in most of
the notices and the company has paid penalty to NSE where the waiver request is rejected
by NSE.

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105 th ANNUAL REPORT - FY’ 23

6. Since the Company is not having information about the status of all its agencies /
enterprises from whom the company procures goods and services, hence identification of
all the parties falling under the definition of Micro, Small and Medium Enterprises
Development Act, 2006 could not be made and therefore relevant disclosure has not been
made during the review period.

We report that, having regard to the compliance system prevailing in the Company and as certified
by the Management and on examination of the relevant documents and records in pursuance
thereof, on test-check basis, the Company has complied with the laws specifically applicable to
the Company as detailed above.

We have not verified the correctness, appropriateness and bases of financial records, books of
accounts and decisions taken by the Board and by various committees of the Board during the
period under scrutiny. We have checked the Board process and compliance management system
to understand and to form an opinion as to whether there is an adequate system of seeking
approval of respective committees of the Board, of the members of the Company and of other
authorities as per the provisions of various statues as mentioned above.

We further report that:

a. The Board of Directors of the Company is not properly constituted as the Company does
not have prescribed number of Independent Directors in its Board and compliance
pertaining to functions and duties as required to be discharged by Board Sub committees
are not made during the year under review.

b. Adequate notice is given to all directors to schedule the Board Meetings, agenda and
detailed notes on agenda were sent at least seven days in advance for the meetings
(except that for certain Board meetings were held at shorter notice period or wherein
agenda and detailed notes on agenda were sent for a period less than seven days in advance
and as per information available to us, the same was held with consent of all the Directors)
and a system exists for seeking and obtaining further information and clarifications on the
agenda items before the meeting and for meaningful participation at the meeting.

c. As per the minutes of the meetings of the Board duly recorded and signed by the
Chairman, the majority decision of the Board was unanimous and no dissenting views
have been recorded.

We further report that there are adequate systems and processes in the Company commensurate
with the size and operations of the Company to monitor and ensure compliance with applicable
laws, rules, regulations and guidelines.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

We further report that during the audit period, the Company has the following specific
events/actions having major bearing on the Company’s affairs in pursuance of the above referred
laws, rules, regulations, guidelines, standards, etc.

1. OMDC was operating six Iron Ore and Manganese Ore mining leases at Barbil in the district
of Keonjhar, Odisha. Out of which, three leases, namely Dalki Manganese Mines, Kolha-Roida
Iron & Manganese mines, Thakurani Iron & Manganese Mines are in the name of Bharat
Process and Mechanical Engineers’ Ltd. (BPMEL), which were being operated
by OMDC under Power of Attorney. The other three mines Belkundi Iron & Manganese Mines,
Bagiaburu Iron Mines and Bhadrasahi Iron & Manganese Mines are in the name of OMDC.
The mining lease validity of all these three OMDC Mines have been extended by Govt of
Odisha, till 15th Aug 2026, 10th Oct 2041 and 30th Sep 2030 respectively. Environmental
clearance for Bagiaburu Iron Ore Mine has been granted by MoEF & CC, Government of India
for increase in Iron ore production to 0.36 MTPA (ROM) in the mine lease area of 21.52 Ha,
located at Village Uliburu, Tehsil Barbil, District Keonjhar, Odisha. Public hearing for
Belkundi Iron & Manganese Ore Mine has been scheduled to be held on 25.10.2023. Necessary
actions are being taken by the company to start mining operations.

2. Pursuant to the Judgement of Hon'ble Supreme Court dated 02.08.2017, Dy. Director of
Mines, Odisha had issued different demand notices dated 02.09.2017, 23.10.2017 &
13.12.2017 to OMDC for OMDC Leases and to BPMEL for BPMEL Leases towards
compensation. The amount of Demand for OMDC Leases is Rs. 70218.46 Lakhs and for
BPMEL Leases is Rs. 86157.12 Lakhs, totalling Rs. 156375.58 Lakhs towards EC, FC and
MP/CTO. OMDC had been operating BPMEL Leases backed by Power of Attorney to sign and
execute all mining leases and other mineral concessions from time to time. OMDC has paid
the compensation of OMDC Leases of Rs.87622.10 Lakhs towards OMDC Leases (Rs. 1479.68
Lakhs on 29.12.2017, Rs. 13093.47 Lakhs on 16.11.2018, Rs. 693.45 Lakhs on 30.01.2019, Rs.
40000.00 Lakhs on 01.03.2019, Rs. 100 Lakhs on 20.09.2019 and Rs. 32255.50 Lakhs on
03.10.2019) in 2017-18, 2018-19 and 2019-20 out of its own fund of Rs.56622.10 Lakhs and
borrowed fund from Bank Rs.31000.00 Lakhs. OMDC has paid a sum of Rs. 2715.14 Lakhs
(Rs. 2515.14 Lakhs on 29.12.2017 and Rs. 200.00 Lakhs on 16.11.2018) towards BPMEL
Leases under protest. The remaining amount of compensation including interest upto
31.03.2023 against BPMEL Leases amounting Rs. 186061.84 Lakhs are shown under
Contingent Liability.

3. The Company is contesting Major Legal Cases At High Court Of Kolkata, High Court Of
Cuttack DRT, DRAT, NCLT and Supreme Court etc, the details of which has already been
shared in Directors Report of the Board of Directors.

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105 th ANNUAL REPORT - FY’ 23

4. As informed, the Company has responded appropriately to notices received from various
statutory /regulatory authorities including initiating actions for corrective measures,
wherever found necessary.

5. This Report is to be read with our letter of even date which is annexed as "Annexure A" and
forms integral part of this Report.

For VIDHYA BAID & CO.

Company Secretaries
Place: Kolkata Sd/-
Date:11.8.2023 VIDHYA BAID
(Proprietor)
FCS No. 8882
C P No. 8686
UDIN: F008882E000766705

Page | 96
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

"Annexure A"

The Members

THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

C/O Sail Office, Ground Floor, Plot-271 Bidyut Marg, Unit-IV,
Shastri Nagar, Bhubaneswar- 751001
Our report of even date is to be read along with this letter.

1. Maintenance of secretarial records is the responsibility of the management of the Company.

Our responsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable
assurance about the correctness of the contents of the Secretarial records. The verification was
done on test basis to ensure that correct facts are reflected in secretarial records. We believe
that the processes and practices, we followed provide a reasonable basis for our opinion.

3. We further report that the compliance by the Company of applicable financial laws like direct
and indirect tax laws and maintenance of financial records and books of accounts has not been
reviewed in this Audit since the same have been subject to review by statutory financial audit
and other designated professionals.

4. Wherever required, we have obtained the Management representation about the compliance
of laws, rules and regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations,
standards is the responsibility of management. Our examination was limited to the
verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the Company
nor of the efficacy or effectiveness with which the management has conducted the affairs of
the Company.

7. We have not verified the correctness and appropriateness of financial records and books of
account of the Company as well as correctness of the values and figures reported in various
disclosures and returns as required to be submitted by the Company under the specified laws,
though we have relied to a certain extent on the information furnished in such returns

For VIDHYA BAID & CO.

Company Secretaries
Place: Kolkata Sd/-
Date:11.8.2023 VIDHYA BAID
(Proprietor)
FCS No. 8882
C P No. 8686
UDIN: F008882E000766705

Page | 97
105 th ANNUAL REPORT - FY’ 23

CERTIFICATE OF NON-DISQUALIFICATION OF
DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015)

The Members

THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

C/O Sail Office, Ground Floor, Plot-271 Bidyut Marg, Unit-IV,
Shastri Nagar, Bhubaneswar- 751001

We have examined the relevant registers, records, forms, returns and disclosures received from
the Directors of THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED having CIN
L51430OR1918GOI034390 and having registered office at Sail Office, Ground Floor, Plot-271
Bidyut Marg, Unit-IV, Shastri Nagar, Bhubaneswar-751001 (hereinafter referred to as ‘the
Company’), produced before us by the Company for the purpose of issuing this Certificate, in
accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including
Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered
necessary and explanations furnished to us by the Company & its officers, we hereby certify that
the following Directors on the Board of the Company as stated below for the Financial Year ending
on 31st March, 2023 have not been debarred or disqualified from being appointed or continuing
as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate
Affairs or any such other Statutory Authority:

Sno Name of Director DIN Date of appointment

in Company
1 Shri ATUL BHATT 07639362 13/09/2021
2 Shri DEB KALYAN MOHANTY 08520947 11/12/2019
3 Smt SWAPNA BHATTACHARYA 08828304 02/07/2020
4 Smt THAKIDIYIL NARAYANAN SARASU 09593230 01/11/2021
5 Shri SIDHARTH SHAMBHU 01646617 01/11/2021
6 Shri MURUGESAN SARAVANAN 09731230 01/11/2021

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Ensuring the eligibility of the appointment / continuity of every Director on the Board is the
responsibility of the management of the Company. Our responsibility is to express an opinion on
these based on our verification. This Certificate has been issued relying on the documents and
information as mentioned herein above and as were made available to us or as came to our
knowledge for verification without taking any cognizance of any legal dispute(s) or sub-judice
matters which may have effect otherwise, if ordered so, by any concerned authority(ies). This
certificate is also neither an assurance as to the future viability of the Company nor of the
efficiency or effectiveness with which the management has conducted the affairs of the Company.

Note: Since the Independent Directors of the Company are appointed by Ministry of Steel, they are yet to
be registered with the Institute of Corporate Affairs of India as Independent Director and pass online
proficiency self-assessment test conducted by Indian Institute of Corporate Affairs.

For VIDHYA BAID & CO.

Company Secretaries
Sd/-
VIDHYA BAID
(Proprietor)
FCS No. 8882
Place: Kolkata C P No. 8686
Date:11.8.2023 PRCN: 649/2020
UDIN: F008882E000766716

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105 th ANNUAL REPORT - FY’ 23

CORPORATE GOVERNANCE CERTIFICATE

The Members
THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED
C/O Sail Office, Ground Floor, Plot-271 Bidyut Marg, Unit-IV,
Shastri Nagar, Bhubaneswar- 751001

We have examined the compliance of conditions of Corporate Governance by THE ORISSA

MINERALS DEVELOPMENT COMPANY LIMITED (hereinafter called the “Company”) for the
year ended on 31st March, 2023 as per the Regulation 17 to 27, clause (b) to (i) of Sub-regulation
(2) of Regulation 46 and para-C, D and E of Schedule V of Chapter IV of Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing
Regulations”) and as amended.

The compliance of conditions of Corporate Governance is the responsibility of the management.

Our examination was limited to procedures and implementation thereof, adopted by the
Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an
audit nor an expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations given to us,
we certify that the Company has complied with the conditions of Corporate Governance as
stipulated in the above-mentioned Listing Regulations except the following:

1. The Board of Directors of the Company is not properly constituted as the Company does not
have prescribed number of Independent Directors in its Board. Hence penalties under
Regulation 17, 18, 19, 20 ,21 and 25 of SEBI LODR Regulations has been imposed on the
Company.

2. Delay in Reporting under Regulation 13(3) and 27(2) for the quarter ended 30th June 2022
has been observed. Noncompliance under Regulation 46(2) has also been observed during the
review period. Regulation 47 of SEBI LODR Regulations with regard to publication in the
newspapers is being complied since December,2022 quarter

3. Hence penalties under Regulation 27(2) of SEBI LODR Regulations has been imposed on the
Company.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

4. Compliance with few disclosures to be covered under Corporate Governance report like details
of non-compliance by the listed entity, penalties, strictures etc and few other detailed
disclosures as are required under SEBI Listing regulations.

We further state such compliance is neither an assurance as to future viability of the Company
nor the efficiency or effectiveness with which the management has conducted the affairs of the
Company.

For VIDHYA BAID & CO.

Company Secretaries

Sd/-

VIDHYA BAID
Place: Kolkata
(Proprietor)
FCS No. 8882
Date: 11.8.2023
C P No. 8686
PRCN: 649/2020
UDIN: F008882E000766727

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105 th ANNUAL REPORT - FY’ 23

CAG COMMENTS ON FINANCIAL STATEMENTS OF

OMDC
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER
SECTION 143(6)(b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL
STATEMENTS OF THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED
FOR THE YEAR ENDED 31 MARCH 2023

The preparation of financial statements of The Orissa Minerals Development Company Limited
for the year ended 31 March 2023 in accordance with the financial reporting framework
prescribed under the Companies Act, 2013 (Act) is the responsibility of the management of the
company. The Statutory Auditors appointed by the Comptroller and Auditor General of India
under Section 139(5) of the Act are responsible for expressing opinion on the financial statements
under Section 143 of the Act based on independent audit in accordance with the standards on
auditing prescribed under Section 143(10) of the Act. This is stated to have been done by them
vide their Audit Report dated 07 July 2023.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary
audit of the financial statements of The Orissa Minerals Development Company Limited for the
year ended 31 March 2023 under Section 143(6)(a) of the Act. This supplementary audit has been
carried out independently without access to the working papers of the Statutory Auditors and is
limited primarily to inquiries of the Statutory Auditors and company personnel and a selective
examination of some of the accounting records.

Based on my supplementary audit, I would like to highlight the following significant matters
under Section 143(6)(b) of the Act which have come to my attention and which in my view are
necessary for enabling a better understanding of the financial statements and the related audit
report.

For and on behalf of the Comptroller

and Auditor General of India
Sd/-
(U.S. Prasad)
Place: Ranchi Director General of Audit (Steel)
Date: 22.09.2023 Ranchi

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

A. Comments on Financial Position

Balance Sheet

1. Capital Work-in-Progress (Notes-6.2): ₹ 359.97 lakhs

The above includes ₹ 245.39 lakh incurred by OMDC towards exploration of Brahmani Coal
Block. Ministry of Coal, Gol allotted (July 2016) Brahmani Block with an estimated reserve of
58.90 million tonne Coal in Odisha to OMDC. The Company incurred ₹ 245.39 lakh towards
exploration of the coal block and the same had been kept under Capital Work-in- Progress.
Subsequently, based on approval (February 2022) of OMDC Board for surrender of the coal block,
OMDC requested (May 2022) Ministry of Coal to facilitate the surrender of coal block. Ministry
of Coal accorded (July 2022) its approval for surrender of coal block and returned back the bank
guarantee furnished by OMDC.

As per Ind AS 36, an asset is impaired when the carrying amount exceeds its recoverable amount.
As no amount is recoverable from the Capital Work-in-Progress, the same should have been
charged. Depiction of surrendered coal block in Capital Work-in-Progress had resulted in
overstatement of Capital Work-in-Progress and understatement of Loss for the year by ₹ 245.39
lakh.

2. Other Current Assets (Note-12B): ₹ 2 3,277.73 lakh

The above includes ₹ 2,715.14 lakh deposited by OMDC (₹ 2,515.14 lakh on 29.12.2017 and ₹ 200
lakh on 16.11.2018) with Government of Odisha towards compensation payable under Section
21(5) of Mines and Minerals Development Regulation Act, 1957 on extraction of minerals
without/in excess of Environmental Clearance/Forest Clearance in respect of leases in the name
of Bharat Process and Mechanical Engineers Limited (BPMEL), being operated by OMDC on
power of attorney basis. The deposit of ₹ 2,715.14 lakh made by OMDC had been appropriated by
Government of Odisha as part payment. In view of uncertainty in getting refund/adjustment,
OMDC should have made full provision against the amount so deposited with Government of
Odisha.

Non-provision of the same has resulted in overstatement of Other Current Assets and
understatement of Loss for the year by ₹ 2,715.14 lakh.

This issue was also commented by C&AG on the financial statement of OMDC for the year 2019-
20, 2020-21 and 2021-22.

3. Other Current Liabilities (Note-22): ₹ 13,853.54 lakh

Government of Odisha has renewed (February 2020) Belkundi and Bhadrasahi mining leases of
OMDC upto 15 August 2026 and 30 September 2030 respectively with a direction to execute
supplementary lease deed within three months. For execution of lease deed, OMDC is liable to

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105 th ANNUAL REPORT - FY’ 23

pay Stamp Duty (five per cent) and Registration Charges (two per cent), to be assessed as per the
Government of Odisha Gazette Notification of January 2012.

As per company’s assessment, ₹ 7,427 lakh was payable towards stamp duty and registration
charges (Bhadrasahi: ₹ 3,560 lakh and Belkundi: ₹ 3,867 lakh). Non-provision for stamp duty
and registration charges payable to Government of Odisha towards execution of supplementary
lease of two mining leases of OMDC has resulted in understatement of Current Liabilities by
₹7,427 lakh and understatement of Intangible Assets (net of amortization expenses) by ₹ 1,980
lakh. Further, considering the life of the respective leases, current year amortization expenses is
understated by ₹ 371 lakh and Retained Earnings (Loss) is understated by ₹ 5,076 lakh.

This issue was also commented by C&AG on the financial statement of OMDC for the year 2019-
20, 2020-21 and 2021-22.

4. Other Current Liabilities (Note-22): ₹ 13,853.54 lakh

Government of Odisha had renewed (February 2020) the mining leases of OMDC namely
Belkundi and Bhadrasahi upto 15 August 2026 and 30 September 2030 respectively with a
direction to execute supplementary lease deed subject to availability of the requisite forest
clearance. Subsequently, OMDC applied for extension of forest clearance co-terminus with the
extended mining lease period for the above mines. Government of Odisha demanded (October
2021) ₹ 1,974 lakh and ₹ 5,125 lakh towards Net Present Value on the forest land included in the
lease out of which OMDC agreed for payment of ₹ 1,808 lakh and ₹ 5,111 lakh respectively and
requested Government of Odisha for revision in demand. The amounts had not yet been paid and
disclosed under contingent liabilities of the Company.

As per Para 4.2 of the Ind-AS accounting policy of the Company, mining rights comprising of NPV
and related payments to Government authorities for iron ore and manganese mines are amortised
over the period of lease from the date of payment or date of renewal of mining lease whichever is
earlier. OMDC, however, in violation of its accounting policy had neither provided for the NPV
due nor amortised it from the date of renewal of mining lease.

Thus, this has resulted in understatement of Current Liabilities and ‘Plant Property and
Equipment’ by ₹ 6,919 lakh. Further considering the life of the respective leases, this has also
resulted in understatement of Depreciation and Amortisation Expenses by ₹ 2,387 lakh with
consequent understatement of Loss for the year by the same amount. The Contingent Liabilities
has also been overstated by ₹ 6,919 lakh.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

5. Other Current Liabilities (Note-22) : ₹ 13,853.54

In view of delay in realisation from sale of additional undisposed stock/mining operation and
urgency to pay the quarterly EMI on short term loan and monthly interest on Funded Interest
Term Loan, OMDC availed trade advance amounting ₹ 10,200 lakh from Rashtriya Ispat Nigam
Limited (RINL) against future supply of iron ore from OMDC mines.

The trade advance from RINL was interest bearing which was to be calculated at the monthly
average rate on the working capital borrowing of RINL on the outstanding trade advance at the
respective period. The interest was to be recovered against future supplies first followed by
adjustment of principal against value of supplied quantity.

OMDC had not made provisions for interest amounting to ₹ 283.55 due on trade advance as on
31 March 2023. This has resulted in understatement of Other Current Liabilities and Loss for the
year by ₹ 283.55 lakh.

For and on behalf of the Comptroller

and Auditor General of India
Sd/-
(U.S. Prasad)
Place: Ranchi Director General of Audit (Steel)
Date: 22.09.2023 Ranchi

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105 th ANNUAL REPORT - FY’ 23

MANAGEMENT REPLY TO CAG COMMENTS

The management reply to CAG comments on the financial statements of The Orissa Minerals
Development Company Limited for the year ended 31 March 2023 are as given in accordance with
the financial reporting framework.

A. Management reply to CAG Comments on Financial Position

1. Capital Work-in-Progress (Notes-6.2): Rs. 339.97 lakh

The allocated Coal Block was surrendered to MoC in Jul’22.

OMDC has paid Rs.245.40 lakhs to Central Mine Planning and Design Institute CMPDIL, a
subsidiary of Coal India CIL, a PSU, under Ministry of Coal MoC, for exploration work .

OMDC is yet to pay CMPDIL of Rs.11 lakhs which was kept as Security Deposit SD for the said
work. The process of releasing the SD and closure of contract is underway. CMPDIL was requested
to submit the “No-Dues Certificate (NDC)” for above job. This is a procedural issue between two
CPSU’s and likely to be completed during H1FY24.

After the receipt of NDC, the expenditure under this head will be charged to revenue in OMDC
Books of accounts.

Considering above Audit is requested to drop the above para.

2. Other Current Assets (Note-12B): Rs.3277.73 lakh

OMDC was operating three leases of BPMEL as beneficial owner by virtue of a power of attorney
granted by BPMEL the nominal owner pursuant to the order of Hon’ble Supreme Court dated
2.8.2017 in WP(C) 114/2014.

The GoO imposed a penalty of ~ Rs 862 Crs for the three leases. The notices were served on OMDC
though addressed to BPMEL.

Earlier both BPMEL & OMDC had filed affidavit required as per Mineral Concession Rules 1960
for transfer of mining leases from BPMEL to OMDC. But GoO has not transferred the leases in
favour of OMDC.

Further the above matter of ownership of the three mines is mired in legal controversy and
pending before the High Court of Kolkata and the Hon’ble Supreme Court of India.

In order to not lose its claim on the valuable asset, OMDC has paid an amount of Rs 2715 lakhs as
penalty.

This has been shown as advance paid in protest to Gov. of Odisha GoO.

3. Other Current Liabilities (Note-22): Rs. 13853.54 lakh

Mining Sector is marked by uncertainty around getting “Statutory Clearances” from State
Government. OMDC has been struggling to revive it mining operation since more than one decade
for want of Statutory Clearances.
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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Further, OMDC has paid Rs. 610 Lac towards stamp duty & registration fees and executed the
supplementary lease deed of Bagiaburu mines for the period from 11.10.2021 to 10.10.2041 after
receipt of “Demand Notice” (DN) from Govt. Of Odisha.

In case of Belkundi & Bhadrasahi mines OMDC has yet to receive “Demand Notice” towards
payment of stamp duty & registration fees.

As the stamp duty & registration fees is calculated based on the average sales price of last 12
months declaration by IBM, the value to be paid to GoO would change as per the date of DN.

In view of the above, OMDC has not created provision towards stamp duty & registration fees
w.r.t. Belkundi & Bhadrasahi mines.

4. Other Current Liabilities (Note-22): Rs.13853.54 lakh

The Net Present value (NPV) for Belkundi & Bhadrasahi mines amounting to Rs 70.99 Crs
(Rs.19.74 Cr and Rs.51.25 Cr respectively) is not paid by OMDC yet. However, OMDC has shown
the amount of Rs 70.99 Crs as Contingent Liability for FY’23.

Meanwhile OMDC has calculated NPV amount as Rs 69.19 (Rs.18.08 Crs and Rs.51.11 Crs for
Belkundi & Bhadrasahi respectively) against the Demand Notice of Rs 70.99 Crs and same
was communicated to Forest Dept of GoO for issuance of Revised final Demand Notice. OMDC is
yet to receive the revised final Demand Notice.

In view of

- pending final Demand notice from GoO, and

- the fact that the mining lease of both mines (Belkundi & Bhadrasahi mines has been
extended instead of renewal and supplementary lease deed is yet to be executed

the Amortization of NPV over the period of lease was not done during FY’23 and OMDC expects
the same to be likely done during FY’24 after the receipt of Revised final Demand Notice from
GoO.

5. Other Current Liabilities (Note-22) : Rs. 13,853.54

The trade advances received from RINL is interest bearing which is calculated at the monthly
average rate on the working capital borrowing of RINL on the outstanding trade advance at the
respective period (monthly basis). The monthly average rate of working capital borrowing for
RINL, total interest amount was not booked in 2022-23.

However, we have considered the same in the current FY’24 by charging to revenue and booking
the liability.

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105 th ANNUAL REPORT - FY’ 23

AUDITORS’ REPORT
To

The Members of
The Orissa Minerals Development Company Limited

Report on the Standalone Financial Statements

Opinion

We have audited the accompanying financial statements of M/s. The Orissa Minerals
Development Company Limited (“the Company”) which comprises the Balance Sheet as at March
31, 2023 and the Statement of Profit and Loss (including Other Comprehensive Income),
statement of changes in Equity and statement of Cash Flows for the year then ended, and notes
to the standalone financial statements, including a summary of significant accounting policies
and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid standalone financial statements give the information required by the Companies
Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with
the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies
( Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023,
and the Loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our
responsibilities under those Standards are further described in the Auditor’s Responsibilities for
the Audit of the Standalone Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants
(ICAI) of India together with the independence requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial
statements.

Emphasis of Matter

i. Reference is invited to the Note No. 28 and note no. 5 of Segment Reporting wherein it
has been stated that Pursuant to the Judgement of Hon'ble Supreme Court dated
02.08.2017, Dy. Director of Mines, Odisha had issued different demand notices dated

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

02.09.2017, 23.10.2017 & 13.12.2017 to OMDC for OMDC Leases and to BPMEL for
BPMEL Leases towards compensation. The amount of Demand for OMDC Leases is Rs.
70218.46 Lacs and for BPMEL Leases is Rs. 86157.12 Lacs, totalling Rs. 156375.58 Lacs
towards EC, FC and MP/CTO. OMDC had been operating BPMEL Leases backed by Power
of Attorney to sign and execute all mining leases and other mineral concessions from time
to time. OMDC has paid the compensation of OMDC Leases of Rs.87622.10 Lakhs towards
OMDC Leases (Rs. 1479.68 Lakhs on 29.12.2017, Rs. 13093.47 Lakhs on 16.11.2018, Rs.
693.45 Lakhs on 30.01.2019, Rs. 40000.00 Lakhs on 01.03.2019, Rs. 100 Lakhs on
20.09.2019 and Rs. 32255.50 Lakhs on 03.10.2019) in 2017-18, 2018-19 and 2019-20 out
of its own fund of Rs.56622.10 Lac and borrowed fund from Bank Rs.31000.00 Lac .
OMDC has paid a sum of Rs. 2715.14 Lakhs (Rs. 2515.14 Lakhs on 29.12.2017 and Rs.
200.00 Lakhs on 16.11.2018) towards BPMEL Leases under protest. The remaining
amount of compensation including interest upto 31.03.2023 against BPMEL Leases
amounting Rs. 186061.84 Lac are shown under Contingent Liability.

ii. The mine stock has been assessed by a third party, Superintendence Co. of India (P) Ltd.
for qualitative and quantitative verification as on 31.03.2023. The certificate of the said
third party mentions in a note that for the old stack No.124 which is located at Thakurani
Iron Ore Mines, was lying along the rail track at No.2 siding earlier and a platform along
the rail track had been prepared by SE Railway by using the mixed iron ore of the same
stack lying along the rail track. The stack could not be assessed as the iron ore has been
mixed up with other waste within the platform. Assessment can be done after retrieving,
screening and stacking of ore from the platform.

The total quantity in the same stake was 18744.124 MT as per physical verification report
for 2015-16. The identified stock in 2022-23 by the third party is 1742.98 MT.
Management has considered the stock lying under the platform for valuation. SE Railway
has issued circular dated 27/10/17 by virtue of which the rights and powers to permit the
use of the Railway Siding for the traffic of any person and to work such traffic over this
siding has been withdrawn.

iii. Reference is invited to the Note 39 to the Standalone Financial Statements. Mining
operation of the Company is continued to remain suspended due to non-renewal of the
leases and non-receipt of requisite clearances from the Government of Odisha and the
Central Government. These conditions indicate the existence of a material uncertainty to
resume the mining operations. These standalone financial statements have been prepared
on a going concern basis mainly for the initiative taken by the Company’s management for
opening of the mines and resumption of mining operations.

Our opinion is not modified on account of above matters.

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105 th ANNUAL REPORT - FY’ 23

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the standalone financial statements of the current period. These matters were
addressed in the context of our audit of the standalone financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Other Information

The Company’s Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the “Annual Report” (as defined in
CAS 720), but does not include the standalone financial statements and our auditor’s report
thereon.

Our opinion on the standalone financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read
the other information, and in doing so, consider whether the other information is materially
inconsistent with the standalone financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this
regard.

Responsibility of Management for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation and presentation of these
standalone financial statements that give a true and fair view of the financial position, financial
performance, changes in equity and cash flows of the Company in accordance with the Ind AS and
the other accounting principles generally accepted in India, including the accounting Standards
specified under section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate implementation and maintenance of accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone financial statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

In preparing the standalone financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the company’s financial reporting
process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these standalone financial
statements.

As part of an audit in accordance with Standards on Auditing ('SAs'), we exercise professional

judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether the company has adequate internal
financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor's report to the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor's report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
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105 th ANNUAL REPORT - FY’ 23

• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities
within the Company to express an opinion on the standalone financial statement. We are
responsible for the direction, supervision and performance of the audit of the financial
statements of such entities included in the standalone financial statements of which we are the
independent auditors.

Materiality is the magnitude of misstatements in the standalone financial statements that,

individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
financial statements.

We communicate with those charged with governance of the company and such other entities
included in the standalone financial statements of which we are the independent auditors, among
other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence; and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the
Central Government of India in terms of Section 143(11) of the Companies Act 2013, we give
in Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order to the
extent applicable.

2. We have complied with the Directions and Sub-Direction given by the Comptroller & Auditor
General of India under section 143(5) of the Act while conducting the audit, and on the basis
of information and explanations given to us in this regard by the Company, we give in
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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Annexure B to this report, a statement on the matters specified in such Directions and Sub-
Directions.

3. As required by Section 143 (3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.

b. In our opinion, proper books of account as required by law have been kept by the Company so
far as it appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement and
statement of changes in equity dealt with by this Report are in agreement with the books of
account.

d. In our opinion, the aforesaid standalone Ind-AS financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

e. The provisions of section 164(2) are not applicable to the Company as it is a Government
Company.

f. With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, we refer to our separate report in
Annexure C; and

g. With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us:

• The Company has disclosed the impact of pending litigations on its financial position in
its standalone financial statements – Refer Note 36 to the Standalone Ind AS financial
statements.

• The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

For O. M. Kejriwal & Co.

Chartered Accountants
FRN No.314144E
Sd/-
(CA Swati Kejriwal)
Partner
Place: Bhubaneswar M. No.067891
Date: 07.07.2023 UDIN: 23067891BGYBUC3272

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105 th ANNUAL REPORT - FY’ 23

ANNEXURE A TO THE INDEPENDENT AUDITORS’

REPORT

To
the Members of
The Orissa Minerals Development Company Limited

[Referred to in paragraph 1 under head Report on Other Legal and Regulatory Requirements of
the Auditors’ Report of even date]

1.

a. The Company is maintaining proper records showing full particulars including quantitative
details and situation of fixed assets.

b. The fixed assets of the Company have been physically verified by the management during the
year and discrepancies noticed during the course of physical verification have been duly
adjusted in the accounts. In our opinion, the frequency of verification is reasonable. Physical
verification of fixed assets has been conducted as on 31.03.2023.

c. The title deeds of immovable properties including leasehold were made available for our
examination,

• Out of 263.237 acres land OMDC owns 59.395 acres (freehold 3.023 acre leasehold 56.372
acre), 196.539 acres land in the name of BPMEL, 3.91 acres in the name of Bird & Co and
3.393 acres as encroachment.

• Registration of the building of HO located at AG-104, 2nd Floor, Sourav Abasan, Sector-
II, Salt Lake City, Kolkata – 700 091 which is not yet completed.

d. As per the information the management has conducted the physical verification of inventory
at reasonable intervals.

e. Valuation of inventory has been done based on cost or net realizable value (Average Sales Price
as per Indian Bureau of Mines) whichever is lower.

f. According to the information and explanations given to us the Company has not granted any
loan, secured or unsecured to companies, firms, limited liability partnership or other parties
covered in the register maintained under section 189 of the Companies Act 2013. Accordingly,
the provision of clauses 3(iii) (a), (b) and (c) of the order is not applicable to the companies
and hence not commented upon.

2. In our opinion and according to information and explanations given to us, the Company has
not granted any loan and given guarantee and security to any companies, as such the provision
of section 185 and 186 of the Companies Act 2013 not applicable.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

3. The Company has not accepted any deposits from the public and hence the directives issued
by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant
provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to
the deposits accepted from the public are not applicable.

4. The Central Government of India has prescribed maintenance of cost records under sub-
section (1) of Section 148 of the Act for the products of the company. However, as the turnover
of such products is lower than the prescribed threshold limits, in our opinion, maintenance of
cost records is not applicable.

5. .

a. According to the information and explanations given to us and the records of the Company
examined by us, the Company is not paying regular dues regarding the undisputed statutory
dues including Income-tax, Sales-tax, Provident Fund, Service tax, Goods and Service Tax,
Duty of customs, Duty of excise, Value Added Tax, Cess and any other statutory dues with the
appropriate authorities. The details are as follows:

Name of the Statutory dues Amount in (Rs.) outstanding as on

31.03.2023
Employee Pension fund 66,928
Employee Provident Fund 66,98,164
Superannuation Fund 68,45,089
Professional Tax 1,85,250
Tax Deducted at Source 9,29,444
Goods & Service Tax (RCM) 39,55,250.8
GST TDS 90,952
Tax Collected at Source (Sales) 7,02,003

b. According to the information and explanations given to us and the records of the Company
examined by us, the particulars of dues of sales-tax, service tax, duty of excise and value added
tax as at 31st March 2023 which have not been deposited on account of disputes, are as
follows-

Name of the statute Nature of Amount Period to Forum where the dispute is
dues (Rs in which the pending
Lacs) amount
relates
The Central Sales Tax Central 4.44 2003-04 Sales Tax Tribunal
Act,1956 Sales Tax
Odisha Value Added VAT 2.45 2005-06 Odisha High Court
Tax Act, 2004
Odisha Entry Tax Act, Entry Tax 11.77 2005-06 Odisha High Court
1999
Odisha Entry Tax Act, Entry Tax 1.26 2006-07 Commissioner of Commercial
1999 Taxes (Appeal)
Finance Act, 1994 Service Tax 6.29 2012-13 Commissioner of Service Tax
(Appeal)

Page | 115
105 th ANNUAL REPORT - FY’ 23

6. The Company has not defaulted in repayment of loans and borrowings.

7. Based upon the audit procedures performed and the information and explanations given by
the management, the Company has neither raised any money by public issues of shares or
debentures.

8. During the course of our examination of the books and records of the Company, carried out
in accordance with the generally accepted auditing practices in India and information and
explanations given to us, we have not come across any instances of material fraud by the
Company or on the Company by its officers or employees, noticed or reported during the year,
nor we have been informed of any such case by the management.

9. In our opinion and according to the information and explanations given to us the provisions
of section 197 read with Schedule V to the Act are not applicable to the Company.

10. As the Company is not a Nidhi Company, the Nidhi rules 2014 are not applicable to it. The
provisions of clause 3 (xii) of the Order are not applicable to the Company.

11. According to the information and explanations given to us and the records of the Company
examined by us, the requirements of sections 177 and 188 of the Act is not applicable to this
Company.

12. According to information and explanations given to us and on an overall examination of the
Balance Sheet of the Company has not made a preferential allotment/ private placement of
shares or fully or partly convertible debentures during the year under review, and hence,
reporting requirements under clause 3(xiv) of the order are not applicable to the Company
and not commented upon.

13. Based upon the audit procedures performed and the information and explanations given by
the management, we have not come across any instances where the Company has entered into
any non-cash transactions with its directors or persons connected with him. Accordingly, the
provisions of clause 3 (xv) of the Order are not applicable to the Company.

14. In our opinion, the Company is not required to be registered under section 45 IA of the
Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order
are not applicable to the Company.

15. Based upon the audit procedures performed and the information and explanations given by
the management Company has incurred cash losses for Rs. 2395.07 lakhs in the F.Y. 22-23.

16. This clause is not applicable because, the statutory auditor has not given resignation during
the year.

17. On the basis of financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities we are of the opinion that no material uncertainty exists as on
the date of audit report.
Page | 116
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

18. Mining operation of the Company is continued to remain suspended due to non-renewal of
the leases and non-receipt of requisite clearances from the Government of Odisha and the
Central Government. These conditions indicate the existence of a material uncertainty to
resume the mining operations. Therefore, in such circumstances, there is a reasonable doubt
that the company may not be capable of meeting its liabilities existing at the balance sheet
date as and when they fall due within a period of 1 year from the balance sheet date.

19. According to the information and explanations given to us the Company is not earning any
profit during the last 3 Financial Year, hence sub-section (5) of section 135 of the Companies
Act, 2013 related CSR expenditure is not applicable to the company.

20. This CARO based on the standalone financial statements of the Company, hence the clause is
not applicable.

For O. M. Kejriwal & Co.

Chartered Accountants
FRN No.314144E

Sd/-

(CA Swati Kejriwal)

Partner
Place: Bhubaneswar M. No.067891
Date: 07.07.2023 UDIN: 23067891BGYBUC3272

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105 th ANNUAL REPORT - FY’ 23

ANNEXURE 'B' TO THE AUDITOR'S REPORT

Report on the Directions by the Comptroller & Auditor General of India (C&AG) under section
143(5) of the Companies Act, 2013 for the Financial Year 2022-23

1. Whether the Company has system in place to process all the accounting transactions through
IT system? If yes, the implication of processing of accounting transactions outside IT system
on the integrity of the accounts along with the financial implications, if any may be stated.

Yes, all the accounting transactions are accounted for through IT System. However, as explained
to us, there are operations/transactions which takes place outside the system but have a bearing
on the accounts of the Company.

As per past practice, all transactions are manually entered in the software which maintains regular
books of account.

As per existing practice, there are chances of some aforesaid transactions being missed to be
accounted as the flow of accounting transactions are not automated at the point of generation of
transaction. The financial implications of transactions outside the IT system are unascertainable.

2. Whether there is any restructuring of an existing loan or cases of waiver/write off of

debts/loans/interest etc. made by a lender to the company due to the company's inability to
repay the loan? If yes, the financial impact may be stated. Whether such cases are properly
accounted for? (In case, lender is a government company, then this direction is also applicable
for statutory auditor of lender company).

To the best of our knowledge and according to the explanations and information given to us, there
are no cases of waiver/write off of debts/loans/interest etc. or any restructuring of an existing
loan during the period under audit.

3. Whether funds (grants/subsidy etc.) received/receivable for specific schemes from

Central/State Government or its agencies were properly accounted for/utilized as per its term
and conditions? List the cases of deviation.

As explained to us and on the basis of information available, the Company has not received any
funds from Central/State agencies.

For O. M. Kejriwal & Co.

Chartered Accountants
FRN No.314144E

Sd/-

(CA Swati Kejriwal)

Partner
Place: Bhubaneswar M. No.067891
Date: 07.07.2023 UDIN: 23067891BGYBUC3272

Page | 118
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

ANNEXURE- C TO THE INDEPENDENT AUDITORS’

REPORT
To

The Members of

The Orissa Minerals Development Company Limited

[Referred to in paragraph 3 (f) under head Report on Other Legal and Regulatory Requirements
of the Auditors’ Report of even date]

Report on the Internal Financial Control under Clause (i) of Sub –sections 3 of Section 143 of the
Companies Act, 2013(“the Act”)

We have audited the internal financial controls over financial reporting of The Orissa Minerals
Development Company Limited (“the Company”) as of 31st March, 2023 in conjunction with our
audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Control

The Company’s management is responsible for establishing and maintaining Internal Financial
Controls based on the internal control over Financial Reporting criteria established by the
Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of
Chartered Accountants of India”. These responsibilities include the design, implementation and
maintenance of adequate Internal Financial Controls that were operating effectively for ensuring
the orderly and efficient conduct of its business, including adherence to Company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's Internal Financial Controls over
Financial Reporting based on our audit. We conducted our audit in accordance with the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and
the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of
the Companies Act, 2013, to the extent applicable to an audit of Internal Financial Controls, both
applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate Internal Financial Controls over Financial Reporting was established and maintained
and if such controls operated effectively in all material respects.
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105 th ANNUAL REPORT - FY’ 23

Our audit involves performing procedures to obtain audit evidence about the adequacy of the
Internal Financial Controls system over Financial Reporting and their operating effectiveness.
Our audit of Internal Financial Controls over Financial Reporting included obtaining an
understanding of Internal Financial Controls over Financial Reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the Standalone
Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the Company’s Internal Financial Controls system over Financial
Reporting.

Meaning of Internal Financial Control over Financial Reporting

A Company’s internal financial control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
standalone financial statement for external purposes in accordance with generally accepted
accounting principles. A Company’s internal financial control over financial reporting includes
those policies and procedures that:

1. Pertain to the maintenance of the records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company;

2. Provide reasonable assurance that the transactions are recorded as necessary to permit
preparation of standalone financial statement in accordance with generally accepted
accounting principles, and that receipts and expenditure of the Company are being made only
in accordance with authorization of management and directors of company; and

3. Provide reasonable assurance regarding prevention or timely detection of unauthorized

acquisition, use, or disposition of the company’s assets that could have a material effect on the
standalone financial statement.

Inherent Limitations of Internal Financial Control over Financial Reporting

Because of inherent limitation of internal financial control over financial reporting, including the
possibility of collusion or improper management override of controls, material misstatements due
to errors or fraud may occur and not be detected. Also, projections of any evaluations of the
internal financial control over financial reporting to future periods are subject to the risk that the
internal financial control over financial reporting may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Page | 120
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial reporting were
operating effectively as at 31st March 2022, based on the internal control over financial reporting
criteria established by the Company considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.

For O. M. Kejriwal & Co.

Chartered Accountants
FRN No.314144E

Sd/-

(CA Swati Kejriwal)

Partner
Place: Bhubaneswar M. No.067891
Date: 07.07.2023 UDIN: 23067891BGYBUC3272

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105 th ANNUAL REPORT - FY’ 23

BALANCE SHEET AS AT 31.3.2023

Amt in Rs lakhs
ASSETS Notes As at 31-03-2023 As at 31-03-2022
(1) Non-Current Assets
(a) Property, Plant and Equipment 6.1 1,295.42 1,341.21
(b) Capital Work-in-Progress 6.2 339.97 339.97
(c) Intangible Assets 7 1,604.57 1,785.38
(d) Financial Assets
(i) investments
(A) investments in Joint Ventures 8.1 - -
(B) Other Investments 8.2 2.42 2.42
(ii) Trade Receivables 9 - -
(iii) Loans 10 37.72 41.88
(iv) Other Financial Assets 11 - -
(e) Deferred tax assets (Net) 21 17,898.20 16,837.79
(f) Non-Current Tax Assets (Net) 13C 4,520.37 4,414.40
(g) Other Non-current Assets 12A - -
Total Non-current Assets 25,698.67 24,763.05
(2) Current Assets
(a) Inventories 14 2,182.07 2,135.05
(b) Financial Assets
(i) Investment - -
(ii) Trade Receivables 9 0.67 0.67
(iii) Cash and cash Equivalents 15A 645.45 4,327.64
(iv) Bank Balances other than (iii) above 15B 7,322.63 11,936.63
(v) Loans - - -
(vi) Other Financial Assets 11 395.53 524.09
(c) Current Tax Assets - - -
(d) Other Current Assets 12B 3,277.73 2,896.74
Total Current Assets 13,824.08 21,820.83
Total Assets 39,522.75 46,583.87
EQUITY AND LIBILITIES
(1) EQUITY AND LIBILITIES
(a) Equity Share capital 16 60.00 60.00
(b) Other Equity 17 (1340.27) 293.02
Total Equity (1280.27) 353.02
(2) Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Lease Liabilities 20 (C) 704.48 704.48
(ii) Borrowings 18(A) - 12,794.28
(iii) Trade payables - -
(A) Total outstanding dues of micro enterprises and small enterprises; and - - -
(B) Total outstanding dues of Creditors other than micro enterprises and - - -
small enterprises
(iv) Other Financial Liabilities (other than those specified in item (b)) - - -
(b) Provisions 20 A 438.17 414.93
(c) Deferred Tax Liabilities (Net) - - -
(d) Other Non Current Liabilities - - -
Total Non-Current Liabilities 1142.65 13913.69
(3) Current Liabilities
(a) Financial Liabilities
(i) Lease Liabilities 20(D) 172.52 782.74
(ii) Borrowings 18(B) 17,359.82 20,541.80
(iii) Trade payable
(A) Total outstanding dues of micro enterprises and small enterprises; and 18(C) - -
(B) Total outstanding dues of Creditors other than micro enterprises and 18(C) 319.27 294.37
small enterprises
(iv) Other Financial Liabilities 19 2,207.82 2,486.58
(b) Other Current Liabilities 22 13,853.54 2,947.08
(c) Provisions 20 B 5,747.40 5,264.59
(d) Current Tax Liabilities 13C - -
Total Current Liabilities 39,660.37 32,317.16
Total Liabilities 40,803.02 46,230.85
Total Equity and Liabilities 39,522.75 46,583.87
Accompanying Accounting policies and notes forms integral part to the Financial Statement

As per our report of even date attached For & On Behalf of Board of Directors
For O. M. Kejriwal & Co Sd/- Sd/-
Chartered Accountants (Atul Bhatt) (D. K. Mohanty)
FRN No.314144E Chairman Nominee Director
Sd/- Sd/- Sd/-
(CA Swati Kejriwal) (Ramakanta Behera) S Raja Babu
Partner CFO Company Secretary
M. No.067891
UDIN: 23067891BGBUC3272
BHUBANESWAR
DATED: 7.7.2023

Page | 122
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

PROFIT & LOSS FOR THE YEAR ENDING 31.3.2023

Amt. in Rs Lakhs
Notes For the Year For the Year
Ended 31-03-2023 Ended 31-03-2022
I Total Revenue
(a) Income from Operation 23 A 3,553.07 8,267.87
(b) Other income 23 B 941.92 679.17
Total Revenue (I) 4,494.99 8,947.04
II EXPENSES
(a) Changes in inventories of finished goods and work-in- 24 (49.75) 667.72
progress

(b) Employee benefit expenses 25 2,491.64 2,137.54

(c) Finance Cost 26 2,442.68 3,000.26
(d) Depreciation and amortization expenses 27 223.17 1,531.36
(1) Property Plant and Equipment - Depreciation 42.36 91.66
(2) Intangible Fixed Assets - Amortization 180.81 1,439.70
(e) Other expenses 28 2,262.64 2,982.04
Total expenses (II) 7,370.38 10,318.92
III Profit / (Loss) before exceptional items and tax (I - (2,875.39) (1,371.88)
II)
Exceptional Items(Provision Written Back) 23.1 153.45 14.62
IV Profit / (Loss) before tax (2,721.93) (1,357.26)
V Tax expense
(1) Current Tax 29 - -
(2) Deferred Tax 29 (1,067.75) 92.14
Total Tax expense (V) (1,067.75) 92.14
VI Profit / (Loss) for the period (IV - V) (1,654.18) (1,449.40)
VII Other comprehensive income
(A) (i) Items that will not be recycled to profit or loss
Remeasurement gains / (losses) on defined benefit plans 28.24 (5.94)
Income tax relating to items that will not be reclassified to 29.3 (7.34) 1.49
profit or loss

VIII Total Other Comprehensive Income 20.90 (4.45)

IX Total comprehensive income for the period VI + VII) (1,633.29) (1,453.85)

X Earnings per equity share:

Basic and Diluted Earnings Per Share (Face Value Re.1/- per 31 (27.57) (24.16)
share.)

Accompanying accounting policies and notes forms integral part to the financial statements
As per our report of even date attached For & On Behalf of Board of Directors
For O. M. Kejriwal & Co Sd/- Sd/-
Chartered Accountants (Atul Bhat) (D. K. Mohanty)
FRN No.314144E Chairman Nominee Director
Sd/- Sd/- Sd/-
(CA Swati Kejriwal) (Ramakanta Behera) S Raja Babu
Partner CFO Company Secretary
M. No.067891
UDIN: 23067891BGYBUC3272
BHUBANESWAR
DATED: 7.7.2023

Page | 123
105 th ANNUAL REPORT - FY’ 23

CASH FLOW FOR THE YEAR ENDING 31.3.2023

Amt. in Rs Lakhs
For the Year Ended For the Year Ended
31-03-2023 31-03-2022
A. Cash flows from operating activities
Profit for the period (1,654.19) (1,449.40)
Adjustments for:
Income tax expense recognised in profit or loss (1,067.75) 92.14
Interest income recognised in profit or loss (373.19) (418.71)
Impairment loss recognised on non-financial assets - -
Interest on Borrowings 2,442.68 3,000.26
Depreciation and amortisation of non-current assets 223.17 1,531.36
(429.29) 2,755.65
Movements in working capital:
(Increase) / decrease in inventories (47.02) 668.22
(Increase) / decrease in trade receivables (0.00) (0.67)
(Increase) / decrease in loans and other financial asset 132.72 (1.22)
(Increase) / decrease in other assets (203.50) 423.56
Increase / (decrease) in trade payables 24.90 737.62
Increase / (decrease) in other financial liabilities (278.76) 596.27
Increase / (decrease) in other liabilities (5,665.09) 4,892.34
Increase / (decrease) in provisions 534.28 250.97
Cash (used in) / generated from operations (5,931.76) 10,322.74
Income taxes paid (105.99) (122.28)
Net cash (used in) / generated by operating activities (6,037.75) 10,200.46
B. Cash flows from investing activities
Payment for purchase of financial assets - -
Proceeds on sale of financial assets 4,614.00 (2,043.57)
Interest received from banks and others 195.70 125.58
Payments for property, plant and equipment (11.46) (2,155.72)
Proceeds from disposal of property, plant and equipment -
Payments for intangible assets - -
Net cash generated by investing activities 4,798.24 (4,073.71)
C. Cash flows from financing activities
Interest on Borrowings (2,442.68) (3,000.26)
Dividends paid on equity shares - (0.93)
Tax on dividends paid on equity shares - -
Net cash (used in) financing activities (2,442.68) (3,001.19)
Net increase or (decrease) in cash or cash equivalents (3,682.19) 3,125.56
Cash and cash equivalents at the beginning of the year 4,327.64 1,202.08
Cash and cash equivalents at the end of the Year 645.45 4,327.64
Accompanying accounting policies and notes forms integral part to the financial statements
Note:

a) Cash and cash equivalent under current financial asset at note no.15A are cash and cash equivalent for the purpose of drawing
cash flow statement. Therefore, reconciliation statement required under para 45 of Ind AS 7 is not required
b) Figures in the brackets are cash outflow/inflow as the case may be.

As per our report of even date attached For & On Behalf of Board of Directors
For O. M. Kejriwal & Co Sd/- Sd/-
Chartered Accountants (Atul Bhatt) (D. K. Mohanty)
FRN No.314144E Chairman Nominee Director
Sd/- Sd/- Sd/-
(CA Swati Kejriwal) (Ramakanta Behera) S Raja Babu
Partner CFO Company Secretary
M. No.067891
UDIN: 22067891AJTGLG3361
BHUBANESWAR
DATED: 7.7.2023

Page | 124
 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

CHANGE IN EQUITY AS AT 31.3.2023

Amt. in Rs Lakhs

A. Equity share capital`

Balance as at 01.04.2022 60.00
Changes in equity share capital during -
the year
Balance as at 31.03.2023 60.00

B OTHER EQUITY Reserves and surplus Total

General Retained
reserve earnings
Balance as at April 01, 2022 32,474.35 (32,181.33) 293.02
Accretion / Decretion in P & L
Profit for the year - (1,654.18) (1,654.18)
Other comprehensive income, net of - 20.90 20.90
Income tax
Total comprehensive income - (1,633.29) (1,633.29)
Payment of dividend
Appropriation to reserves
Balance as at 31.03.2023 (33,814.62) (1,340.26)

Note
(i) Re-measurement of defined benefit plan and fair value changes relating to own credit
risk of financial liabilities designated at fair value through profit or loss shall be recognized
as a part of retained earning with separate disclosure of such items along with the relevant
amounts in the Notes.
(ii) A description of the purposes of each reserve within equity shall be disclosed in the
Notes.

Page | 125
105 th ANNUAL REPORT - FY’ 23

IND AS ACCOUNTING POLICIES

1. General Information

The Orissa Minerals Development Company Limited (hereinafter referred to as “OMDC” or the
“Company”) was incorporated on 16th August, 1918. It was Nationalized by the Government of
India by virtue of the Bird & Company Ltd (Acquisition and Transfer of undertaking and other
properties) Act, 1980 (Act No: 67 of 1980) in the year 1980. It became a Schedule-B PSU w.e.f
19th March, 2010, as a subsidiary of EIL, which also become PSU on 19th March, 2010.

Eastern Investment Limited (EIL) became a subsidiary of RINL (Rashtriya Ispat Nigam Limited)
on 5th January, 2011.

The company is listed at Calcutta stock exchange (CSE), National Stock Exchange (NSE) and got
trading permission to trade under permitted category in Bombay Stock Exchange (BSE).

OMDC operates six Iron Ore and Manganese Ore mining leases at Barbil in the district of
Keonjhar, Odisha, namely Dalki Manganese Mines, Kolha Roida Iron & Manganese mines,
Thakurani Iron and Manganese Mines, Belkundi Iron and Manganese Mines, Bagiaburu Iron
Mines and Bhadrasahi Iron and Manganese Mines.

The lease rights of all the six mines have expired. Presently, all the six mines are inoperative due
to non-availability of Forest and Environment clearance. The Company is in process of getting the
required clearances.

2. Application of new and revised Ind-AS

As the Ministry of Corporate Affairs (MCA) notified IND-AS – 116 –“Leases” from Financial Years
beginning on 1st April, 2019, superseding the IND-AS -17-“Leases”, we have adopted IND-AS-116
from the Financial Year commencing on 1st April, 2019 using the modified Retrospective
approach for transitioning to IND- AS - 116.

3. Significant accounting policies

The financial statements of the Company have been prepared in accordance with the relevant
provisions of the Companies Act, 2013, Indian Accounting Standards (Ind-AS) prescribed under
section 133 of the Companies Act, 2013.

Accounting Policies have been consistently applied except where a newly – issued accounting
standard is initially adopted or a revision to an existing accounting standard requires a change in
the accounting policy hitherto in use.

4. Basis of preparation and presentation

Prior to adoption of Ind AS, the Company had been preparing its financial statements for all
periods up to and including the year ended 31 March 2016, in accordance with generally accepted
accounting principles in the India, including accounting standards specified under Section 133 of
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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 (“Indian
GAAP”).

All assets and liabilities have been classified as current or noncurrent as per Company’s operating
cycle and other criteria set out in Schedule-III of the Companies Act 2013. Based on the nature of
business, the Company has ascertained its operating cycle as 12 months for the purpose of
Current-noncurrent classification of assets and liabilities.

The Company has adopted all the issued Ind ASs and such adoption was carried out in accordance
with Ind AS 101- First Time Adoption of Indian Accounting Standards. The Company has
transited from Indian GAAP which is its previous GAAP, as defined in Ind AS 101.

The financial statements have been prepared on historical cost basis, except for financial
instruments that are measured at fair values at the end of each reporting period, as explained in
the accounting policies below.

Historical cost is generally based on the fair value of the consideration given in exchange for goods
and services.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date, regardless of whether
that price is directly observable or estimated using another valuation technique. In estimating the
fair value of an asset or a liability, the Company takes into account the characteristics of the asset
or liability if market participants would take those characteristics into account when pricing the
asset or liability at the measurement date. Fair value for measurement and/ or disclosures in these
financial statements is determined on such a basis, except for share based payment transactions
that are within the scope of Ind AS 102 – Share based Payments, leasing transactions that are
within the scope of Ind AS 17 - Leases, and measurements that have some similarities to fair value
but are not fair value, such as net realisable value in Ind AS 2 – Inventories or value in use in Ind
AS 36 – Impairment of Assets.

In addition, for financial reporting purposes, fair value measurements are categorised into Level
1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable
and the significance of the inputs to the fair value measurement in its entirety, which are described
as follows:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
that the Company can access at the measurement date;

• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable
for the asset or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the asset or liability.

The principal accounting policies are set out below:

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105 th ANNUAL REPORT - FY’ 23

4.1. Property, Plant and Equipment

Property, plant and equipment held for use in the production or/ and supply of goods or services,
or for administrative purposes, are stated in the balance sheet at cost, less any subsequent
accumulated depreciation and subsequent accumulated impairment losses.

Initial Measurement

The initial cost at cash price equivalent of property, plant and equipment acquired comprises its
purchase price, including import duties and non-refundable purchase taxes, any directly
attributable costs of bringing the assets to its working condition and location and present value of
any asset restoration obligation or obligatory decommissioning costs for its intended use.

Expenditure incurred on development of freehold land is capitalized as part of the cost of the land.

In case of self-constructed assets, cost includes the costs of all materials used in construction,
direct labour, allocation of overheads, directly attributable borrowing costs.

Subsequent expenditure

Subsequent expenditure on day- to- day servicing of an item of property, plant and equipment is
recognized in profit or loss as incurred. However, expenditure on major maintenance or repairs
including cost of replacing the parts of assets and overhaul costs where it is probable that future
economic benefits associated with the item will be available to the Company, are capitalized and
the carrying amount of the item so replaced is derecognised.

Insurance spares that are specific to a fixed asset and valuing more than Rs. 1 lakh per unit are
capitalized along with the main assets. All other spares are recognized as inventory, except for
spares which are having a useful life greater than a year and can to be identified as components
in an asset are capitalized.

Capital work-in-progress

Assets in the course of construction for production or/and supply of goods or services or
administrative purposes, or for purposes not yet determined, are included under capital work in
progress and are carried at cost, less any recognized impairment loss. Cost includes professional
fees and for qualifying asset, borrowings costs capitalized in accordance with the Company’s
accounting policy. Such capital work in progress, is transferred to the appropriate category of
property, plant and equipment when completed or starts operating as per management’s intended
use.

Costs associated with the commissioning of an asset are capitalized where the asset is available
for use but incapable of operating at normal levels until a period of commissioning has been
completed.

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Depreciation

Depreciation on assets are provided over their estimated useful lives or, in the case of leased assets
(including leasehold improvements), over the lease term if shorter. The lease period is considered
by excluding any lease renewals options, unless the renewals are reasonably certain. Depreciation
on assets are provided on a straight line basis over the useful life of the asset in the manner
prescribed under Schedule II of the Companies Act, 2013.

The estimated useful lives and residual values are reviewed at each year end, with the effect of any
changes in estimate accounted for on a prospective basis. Each component of an item of property,
plant and equipment with a cost that is significant in relation to the total cost of that item is
depreciated separately if its useful life differs from the others components of the asset.

Property, plant and equipment which are subject to componentisation, comprises of main assets,
componentised assets and remainders, if any. The useful life of remainders carry the life of main
assets unless the same based on technical evaluation is considered to be lower than that of the
main asset, in which case, such lower useful life is considered.

The residual value of property, plant and equipment are maintained at 5% of the original cost.

Subsequent expenditure related to an item of property, plant and equipment is prospectively

depreciated over the revised useful life of respective assets.

The estimated range of useful lives are as follows: Years

Buildings 30 – 60
Plant and machinery 8 - 10
Railway Siding 15
Motor Vehicles 8
Furniture and fixtures 10
Computers 3- 10

Freehold land is not depreciated

Depreciation commences when the assets are ready for their intended use. Depreciated assets on
property, plant and equipment and accumulated depreciation thereon are retained fully until they
are de-recognized or classified as non-current assets held for sale.

Disposal of assets

An item of property, plant and equipment is de-recognized upon disposal or when no future
economic benefits are expected to arise from the continued use of the asset. Any gain or loss
arising on the disposal or retirement of an item of property, plant and equipment is determined
as the difference between net disposal proceeds and the carrying amount of the asset and is
recognized in the statement of profit and loss.

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Deemed cost on transition to Ind AS

For transition to Ind AS, the Company has elected to continue with the carrying value of all its
property, plant and equipment recognized as of 1 April, 2015 (transition date) measured as per
the previous GAAP and use that carrying value as its deemed cost as of the transition date.

4.2. Intangible Assets

Intangible assets acquired separately

Intangible assets acquired are reported at cost less accumulated amortisation and accumulated
impairment losses. Intangible assets having finite useful life are amortised over their estimated
useful lives. The estimated useful life and amortisation method are reviewed at the end of each
annual reporting period, with the effect of any changes in estimate being accounted for on a
prospective basis.

Mining Rights

The costs of mining rights include amounts paid for afforestation and wild life conservation as
determined by the regulatory authorities are capitalized as “Mining rights” in the year in which
they are incurred. Cost of pre-production primary development expenditure other than land,
buildings, plant and equipment are capitalized as part of the cost of the mining property until the
mining property is capable of commercial production. Capitalized mining properties are
amortised on a unit-of-production basis over the total estimated remaining commercial reserves
of mining property and are subject to impairment review.

Derecognition of intangible assets

An intangible asset is de-recognized on disposal, or when no future economic benefits are

expected from use or disposal. Gains or losses arising from derecognition of an intangible asset,
measured as the difference between the net disposal proceeds and the carrying amount of the
asset are recognized in the statement of profit and loss when the asset is de-recognized.

Amortization

The estimated useful lives for the main categories of intangibles assets having finite useful life are
as follows:

a. Acquired computer software are classified as intangible assets and carries a useful life of 4
years.

b. Mining Rights comprising of NPV and related payments made to government authorities for
iron ore and manganese mines are amortized over the period of lease from the date of payment
or date of renewal/ deemed renewal of mining lease whichever is earlier.

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Deemed cost on transition to Ind AS

For transition to Ind AS, the Company has elected to continue with the carrying value of all its
intangible assets recognized as of 1 April, 2015 (transition date) measured as per the previous
GAAP and use that carrying value as its deemed cost as of the transition date.

4.3. Impairment

Impairment of tangible and intangible assets

At the end of each reporting period, the Company reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered
an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated
in order to determine the extent of the impairment loss (if any). Where it is not possible to
estimate the recoverable amount of an individual asset, the Company estimates the recoverable
amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its
carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognized immediately in the statement of profit and
loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-
generating unit) is increased to the revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that would have been determined
had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A
reversal of an impairment loss is recognized immediately in the statement of profit and loss.

4.4. Investments in joint ventures

A joint venture is a joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint arrangement. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about
the relevant activities require unanimous consent of the parties sharing control.

Investments in joint ventures are accounted for at cost.

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4.5. Provisions and contingencies

Provisions

Provisions are recognized when there is a present obligation (legal or constructive) as a result of
a past event and it is probable (“more likely than not”) that it is required to settle the obligation,
and a reliable estimate can be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle
the present obligation at the balance sheet date, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured using the estimated cash flows to
settle the present obligation, its carrying amount is the present value of those cash flows. The
discount rate used is a pre-tax rate that reflects current market assessments of the time value of
money in that jurisdiction and the risks specific to the liability.

a. Restoration, rehabilitation and decommissioning

An obligation to incur restoration, rehabilitation and environmental costs arises when

environmental disturbance is caused by the development or ongoing production of a mine and
other manufacturing facilities. Such costs, discounted to net present value, are provided for and
a corresponding amount is capitalized at the start of each project, as soon as the obligation to
incur such costs arises. These costs are charged to the statement of profit or loss over the life of
the operation through the depreciation of the asset and the unwinding of the discount on the
provision. The cost estimates are reviewed periodically and are adjusted to reflect known
developments which may have an impact on the cost estimates or life of operations. The cost of
the related asset is adjusted for changes in the provision due to factors such as updated cost
estimates, changes to lives of operations, new disturbance and revisions to discount rates. The
adjusted cost of the asset is depreciated prospectively over the lives of the assets to which they
relate. The unwinding of the discount is shown as finance and other cost in the statements of
profit or loss.

b. Environmental liabilities

Environment liabilities are recognized when the Company becomes obliged, legally or
constructively to rectify environmental damage or perform remediation work.

c. Litigation

Provision is recognized once it has been established that the Company has a present obligation
based on consideration of the information which becomes available up to the date on which the
Company’s financial statements are finalized and may in some cases entail seeking expert advice
in making the determination on whether there is a present obligation.

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Contingent Liabilities

Contingent liabilities arising from past events the existence of which would be confirmed only on
occurrence or non-occurrence of one or more future uncertain events not wholly within the
control of the Company or contingent liabilities where there is a present obligation but it is not
probable that economic benefits would be required to settle the obligations are disclosed in the
financial statements unless the possibility of any outflow in settlement is remote.

Contingent Assets

Contingent assets are possible assets that arise from past events and whose existence will only be
confirmed by the occurrence or non-occurrence of one or more future events not wholly within
the control of the Company. Contingent assets are disclosed in the financial statements when
inflow of economic benefit is probable on the basis of judgment of management. These are
reviewed at each balance sheet date and are adjusted to reflect the current management estimate.
Contingent assets are disclosed in the financial statements when inflow of economic benefit is
probable.

4.6. Leasing

On March 30, 2019, Ministry of Corporate Affairs has notified Ind AS 116, Leases. Ind AS 116 has
become effective w.e.f. 1 April 2019, which eliminates the classification of leases as either finance
or operating lease as required by Ind AS 17, Leases. Ind AS 116 introduces a single lessee
accounting model and requires a lessee to recognize assets and liabilities for all leases with a term
of more than 12 months, unless the underlying asset is of low value. The Company would be
recognizing a right-of-use asset and a corresponding lease liability in its balance sheet. Apart from
the balance sheet, statement of profit & loss of a company would also undergo a change as
operating lease expenses will be bifurcated into depreciation on the right-of-use asset and interest
expense on the lease liability. The standard sets out the principles for the recognition,
measurement, presentation and disclosure of leases for both parties to a contract, i.e. the lessee
and the lessor. Ind AS 116 substantially carries forward the lessor accounting requirements in Ind
AS 17.

The effective date for adoption of Ind AS 116 is annual period beginning on or after April 1, 2019.
The standard permits two possible methods of transition:

• Full retrospective – Retrospectively to each prior period presented applying Ind AS 8

Accounting Policies, Changes in Accounting Estimates and Errors.

• Modified retrospective – Retrospectively, with the cumulative effect of initially applying the
Standard recognized at the date of initial application.

Under modified retrospective approach, the lessee records the lease liability as the present value
of the remaining lease payments, discounted at the incremental borrowing rate and the right of
use asset either as:

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• Its carrying amount as if the standard had been applied since the commencement of the date,
but discounted at lessee’s incremental borrowing rate at the date of initial application or

• An amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease
payments related to that lease recognized under Ind AS 17 immediately before the date of
initial application.

Certain practical expedients are available under both the methods.

On completion of evaluation of the effect of adoption of Ind AS 116, the company is proposing to
us the ‘Modified Retrospective Approach’ for transitioning to Ind AS 116, and take the cumulative
adjustment to retained earnings, on the date of initial application (April 1, 2019). Accordingly,
comparatives for the year ending or ended March 31, 2019 will not be retrospectively adjusted.
The company has elected certain available practical expedients on transition.

Applicability of Ind AS 116:

This standard applies to all leases, including leases of right-of-use assets in a sublease, except for:

• Leases to explore for or use minerals, oil, natural gas, and similar non-regenerative resources;

• Leases of biological assets within the scope of Ind AS 41, Agriculture, held by a lessee

• Service concession arrangements within the scope of Appendix D, Service Concession

Arrangements, of Ind AS 115, Revenue from Contracts with Customer

• Licenses of intellectual property granted by a lessor within the scope of Ind AS 115, Revenue
from Contracts with Customers

Rights held by a lessee under licensing agreements within the scope of Ind AS 38, Intangible
Assets, for such items as motion picture films, video recordings, plays, manuscripts, patents and
copyrights

Note: A lessee may, but is not required to, apply this Standard to leases of intangible assets other
than those described in above point (v)

Identifying a lease:

Below conditions need to be fulfilled if the contract is to be classified as lease:

• Identified asset.
• Lessee obtains substantially all of the economic benefits.
• Lessee directs the use.
Thus from the above classification of applicability of Ind AS 116 in respect of OMDC, the standard
under IND AS 116 cannot be made applicable for OMDC as the main purpose of the business is
exploring minerals, Intangible Assets do not cover items such as motion picture films, video
recordings, plays, manuscripts, patents and copyrights and there is no such contract where asset
has been identified against economic benefits. Hence IND AS 116 could not be made applicable
in FY 2019-20.

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4.7. Inventories

Inventory of raw material, stores and spares are valued at cost net of CENVAT/ VAT credit
wherever applicable. Cost is determined on moving weighted average price on real time basis.

Inventories of finished goods, semi-finished goods and work in process are valued at lower of cost
and net realizable value. Cost is generally determined at first in first out basis (FIFO) and includes
appropriate share of labour and related overheads. Net realizable value is the estimated selling
price in the ordinary course of business less estimated cost necessary to make the sale.

Net realizable value represents the estimated selling price for inventories less all estimated costs
of completion and costs necessary to make the sale. Net realizable value is taken as per the latest
available price provided by IBM.

Provision is made for old/ obsolete/ surplus/ non- moving inventories as well as other anticipated
losses considered wherever necessary.

Where physical stock is more than the book stock, book stock is considered for valuation of stock.
However, surplus stock is valued at Rs 1 per LOT for the surplus stock available as on the date of
closing.

The excise duty payable on closing stock of finished goods at the time of sale is not considered in
valuation of closing stock.

4.8. Trade receivable

Trade receivables are amounts due from customers for goods sold or services performed in the
ordinary course of business. If collection is expecting to be collected within a period of 12 months
or less from the reporting date (or in the normal operating cycle of the business if longer), they
are classified as current assets otherwise as non-current assets.

Trade receivables are measured at their transaction price unless it contains a significant financing
component in accordance with Ind AS 18 (or when the entity applies the practical expedient) or
pricing adjustments embedded in the contract.

Loss allowance for expected life time credit loss is recognized on initial recognition.

4.9. Financial Instruments

All financial assets are recognized on trade date when the purchase of a financial asset is under a
contract whose term requires delivery of the financial asset within the timeframe established by
the market concerned. Financial assets are initially measured at fair value, plus transaction costs,
except for those financial assets which are classified as at fair value through profit or loss (FVTPL)
at inception. All recognized financial assets are subsequently measured in their entirety at either
amortised cost or fair value.

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Classification of financial assets

Financial assets are classified as ‘equity instrument’ if it is a non-derivative and meets the
definition of ‘equity’ for the issuer (under Ind AS 32 Financial Instruments: Presentation). All
other non-derivative financial assets are ‘debt instruments’.

Financial assets at amortized cost and the effective interest method

Debt instruments are measured at amortized cost if both of the following conditions are met:

• the asset is held within a business model whose objective is to hold assets in order to collect
contractual cash flows; and

• the contractual terms of the instrument give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

Debt instruments meeting these criteria are measured initially at fair value plus transaction costs.
They are subsequently measured at amortized cost using the effective interest method less any
impairment, with interest recognized on an effective yield basis in investment income.

Financial assets at fair value through other comprehensive income (FVTOCI)

Debt instruments are measured at FVTOCI if both of the following conditions are met:

• the asset is held within a business model whose objective is to hold assets in order to collect
contractual cash flows and selling assets; and

• the contractual terms of the instrument give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

Debt instruments meeting these criteria are measured initially at fair value plus transaction costs.
They are subsequently measured at fair value with any gains or losses arising on remeasurement
recognized in other comprehensive income, except for impairment gains or losses and foreign
exchange gains or losses. Interest calculated using the effective interest method is recognized in
the statement of profit and loss in investment income. When the debt instrument is derecognised
the cumulative gain or loss previously recognized in other comprehensive income is reclassified
to the statement of profit and loss account as a reclassification adjustment.

At initial recognition, an irrevocable election is made (on an instrument-by-instrument basis) to

designate investments in equity instruments other than held for trading purpose at FVTOCI.

A financial asset is held for trading if:

• it has been acquired principally for the purpose of selling it in the near term; or

• on initial recognition it is part of a portfolio of identified financial instruments that the

Company manages together and has evidence of a recent actual pattern of short-term profit-
taking; or

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• it is a derivative that is not designated and effective as a hedging instrument or a financial

guarantee.

Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction
costs. Subsequently, they are measured at fair value with gains and losses arising from changes in
fair value recognized in other comprehensive income and accumulated in the investments
revaluation reserve. Where the asset is disposed of, the cumulative gain or loss previously
accumulated in the investments revaluation reserve is directly reclassified to retained earnings.

For equity instruments measured at fair value through other comprehensive income no
impairments are recognized in the statement of profit and loss.

Dividends on these investments in equity instruments are recognized in the statement of profit
and loss in investment income when the Company’s right to receive the dividends is established,
it is probable that the economic benefits associated with the dividend will flow to the entity; and
the amount of the dividend can be measured reliably.

Other Financial Assets (Contract Assets)

Accounts Receivables is the right to consideration in exchange for goods or services, transferred
to the Customer. If the Company performs by transferring the goods or services to a Customer
before the Customer pays consideration or payment is due, Accounts Receivables (in the nature
of Contract Asset) is recognized for the Earned Consideration that is conditional.

Financial assets at FVTPL

Financial assets that do not meet the criteria of classifying as amortised cost or fair value through
other comprehensive income described above, or that meet the criteria but the entity has chosen
to designate as at FVTPL at initial recognition, are measured at FVTPL.

Investments in equity instruments are classified as at FVTPL, unless the Company designates an
investment that is not held for trading at FVTOCI at initial recognition.

Financial assets classified at FVTPL are initially measured at fair value excluding transaction
costs.

Financial assets at FVTPL are subsequently measured at fair value, with any gains or losses arising
on remeasurement recognized in the statement of profit and loss. The net gain or loss recognized
in the statement of profit and loss is included in the ‘other gains and losses’ line item.

Interest income on debt instruments at FVTPL is included in the net gain or loss described above.

Dividend income on investments in equity instruments at FVTPL is recognized in the statement

of profit and loss in investment income when the Company’s right to receive the dividends is
established, it is probable that the economic benefits associated with the dividend will flow to the
entity; and the amount of the dividend can be measured reliably.

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Trade receivables, loans and other receivables are classified as subsequently measured at
amortised cost. Trade and other receivables which does not contain any significant financing
component are stated at their transaction value as reduced by impairment losses, if any.

Loans and other receivables are subsequently measured at amortized cost using the effective
interest method, less any impairment. Interest income is recognized by applying the effective
interest rate (EIR) method.

Impairment of financial assets

On initial recognition of the financial assets, a loss allowance for expected credit loss is recognized
for debt instruments at amortised cost and FVTOCI. For debt instruments that are measured at
FVTOCI, the loss allowance is recognized in other comprehensive income in the statement of
profit and loss and does not reduce the carrying amount of the financial asset in the balance sheet.

Expected credit losses of a financial instrument is measured in a way that reflects:

• an unbiased and probability-weighted amount that is determined by evaluating a range of

possible outcomes;

• the time value of money; and

• reasonable and supportable information that is available without undue cost or effort at the
reporting date about past events, current conditions and forecasts of future economic
conditions.

At each reporting date, the Company assess whether the credit risk on a financial instrument has
increased significantly since initial recognition.

When making the assessment, the Company compares the risk of a default occurring on the
financial instrument as at the reporting date with the risk of a default occurring on the financial
instrument as at the date of initial recognition and consider reasonable and supportable
information, that is available without undue cost or effort, that is indicative of significant
increases in credit risk since initial recognition.

If, at the reporting date, the credit risk on a financial instrument has not increased significantly
since initial recognition, the Company measures the loss allowance for that financial instrument
at an amount equal to 12-month expected credit losses. If, the credit risk on that financial
instrument has increased significantly since initial recognition, the Company measures the loss
allowance for a financial instrument at an amount equal to the lifetime expected credit losses.

The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at
the reporting date is recognized as an impairment gain or loss in the statement of profit and loss.

Derecognition of financial assets

The Company derecognises a financial asset on trade date only when the contractual rights to the
cash flows from the asset expire, or when it transfers the financial asset and substantially all the

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

risks and rewards of ownership of the asset to another entity. If the Company neither transfers
nor retains substantially all the risks and rewards of ownership and continues to control the
transferred asset, the Company recognises its retained interest in the asset and an associated
liability for amounts it may have to pay. If the Company retains substantially all the risks and
rewards of ownership of a transferred financial asset, the Company continues to recognise the
financial asset and also recognises a collateralised borrowing for the proceeds received.

On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an
option to repurchase part of a transferred asset), the Company allocates the previous carrying
amount of the financial asset between the part it continues to recognise under continuing
involvement, and the part it no longer recognises on the basis of the relative fair values of those
parts on the date of the transfer. The difference between the carrying amount allocated to the part
that is no longer recognized and the sum of the consideration received for the part no longer
recognized and any cumulative gain or loss allocated to it that had been recognized in other
comprehensive income is recognized in the statement of profit and loss. A cumulative gain or loss
that had been recognized in other comprehensive income is allocated between the part that
continues to be recognized and the part that is no longer recognized on the basis of the relative
fair values of those parts.

Financial liabilities and equity instruments issued by the Company

Classification as debt or equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance
with the substance of the contractual arrangement.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity
after deducting all of its liabilities. Equity instruments issued by the Company are recognized at
the proceeds received, net of direct issue costs.

Financial liabilities

Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial
liabilities’.

Financial liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the financial liability is either held for trading
or it is designated as at FVTPL.

A financial liability is classified as held for trading if:

• it has been acquired or incurred principally for the purpose of repurchasing it in the near term;
or

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105 th ANNUAL REPORT - FY’ 23

• on initial recognition it is part of a portfolio of identified financial instruments that the

Company manages together and for which there is evidence of a recent actual pattern of short-
term profit-taking; or

• It is a derivative that is not designated and effective as a hedging instrument.

A financial liability other than a financial liability held for trading may also be designated as at
FVTPL upon initial recognition if:

• such designation eliminates or significantly reduces a measurement or recognition

inconsistency that would otherwise arise; or

• the financial liability forms part of a group of financial assets or financial liabilities or both,
which is managed and its performance is evaluated on a fair value basis, in accordance with
the Company's documented risk management or investment strategy, and information about
the grouping is provided internally on that basis; or

• It forms part of a contract containing one or more embedded derivatives, and Ind AS 109
Financial Instruments permits the entire combined contract to be designated as at FVTPL.

Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on
remeasurement recognized in the statement of profit and loss, except for the amount of change in
the fair value of the financial liability that is attributable to changes in the credit risk of that
liability which is recognized in other comprehensive income.

The net gain or loss recognized in the statement of profit and loss incorporates any interest paid
on the financial liability.

Other financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of
transaction costs.

Other financial liabilities are subsequently measured at amortised cost using the effective interest
method, with interest expense recognized on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability
and of allocating interest expense over the relevant period. The effective interest rate is the rate
that exactly discounts estimated future cash payments through the expected life of the financial
liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

Trade and other payables are recognized at their transaction cost, which is its fair value, and
subsequently measured at amortised cost.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the balance sheet when
there is a legally enforceable right to offset the recognized amounts and there is an intention to
settle on a net basis or realise the asset and settle the liability simultaneously. The legally
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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

enforceable right must not be contingent on future events and must be enforceable in the normal
course of business and in the event of default, insolvency or bankruptcy of the Company or the
counterparty.

4.10. Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an
original maturity of three months or less.

4.11. Accounting for government grants

Government grants are recognized when there is reasonable assurance that we will comply with
the conditions attaching to them and that the grants will be received.

Government grants are recognized in the statement of profit and loss on a systematic basis over
the periods in which the Company recognises as expenses the related costs for which the grants
are intended to compensate. Government grants whose primary condition is that the Company
should purchase, construct or otherwise acquire non-current assets are recognized in the balance
sheet by setting up the grant as deferred income.

Other government grants (grants related to income) are recognized as income over the periods
necessary to match them with the costs for which they are intended to compensate, on a
systematic basis. Government grants that are receivable as compensation for expenses or losses
already incurred or for the purpose of providing immediate financial support with no future
related costs are recognized in the statement of profit and loss in the period in which they become
receivable.

Grants related to income are presented under other income in the statement of profit and loss
except for grants received in the form of rebate or exemption which are deducted in reporting the
related expense.

4.12. Employee Benefits

Retirement benefit, medical costs and termination benefits

A defined contribution plan is a pension plan under which the Company pays fixed contributions
into a separate entity. The Company has no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees the benefits relating
to employee service in the current and prior periods. Payments to defined contribution retirement
benefit plans are recognized as an expense when employees have rendered service entitling them
to the contributions.

For defined benefit retirement and medical plans, the cost of providing benefits is determined
using the projected unit credit method, with actuarial valuations being carried out at the end of
each annual reporting period. The present value of the defined benefit obligation is determined
by discounting the estimated future cash outflows using interest rates of government bonds. In
countries where there is a deep market in high-quality corporate bonds, the market rate on those

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bonds that are denominated in the currency in which the benefits will be paid, and that have terms
to maturity approximating to the terms of the related pension obligation are used.

Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset
ceiling (if applicable) and the return on plan assets (excluding interest), is reflected in the balance
sheet with a charge or credit recognized in other comprehensive income in the period in which
they occur. Remeasurement recognized in other comprehensive income is reflected immediately
in retained earnings and will not be reclassified to the statement of profit and loss. Past service
cost is recognized in the statement of profit and loss in the period of a plan amendment. Net
interest is calculated by applying the discount rate at the beginning of the period to the net defined
benefit liability or asset. Defined benefit costs are categorised as follows:

• service cost (including current service cost, past service cost, as well as gains and losses on
curtailments and settlements);

• net interest expense or income; and

• Remeasurement.

The Company presents the first two components of defined benefit costs in the statement of profit
and loss in the line item employee benefits expense. Curtailment gains and losses are accounted
for as past service costs.

When the benefit of a plan is improved, the portion of the increased benefit relating to past service
by employees is recognized in profit or loss on a straight line basis over the average period until
the benefits become vested. To the extent that the benefits vest immediately, the expenses is
recognized immediately in statement of profit and loss.

The Company provides retiring benefits in the nature of provident fund, superannuation and
gratuity to its employees.

Obligations for contribution to provident fund and superannuation fund are classified as defined
contribution plans whereas retiring gratuity is classified as defined benefit plans.

A liability for a termination benefit is recognized at the earlier of when the entity can no longer
withdraw the offer of the termination benefit and when the entity recognises any related
restructuring costs. In the case of an offer made to encourage voluntary redundancy, the
termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are
discounted to their present value.

Short-term and other long-term employee benefits

A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual
leave and sick leave in the period the related service is rendered at the undiscounted amount of
the benefits expected to be paid in exchange for that service.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Liabilities recognized in respect of short-term employee benefits are measured at the

undiscounted amount of the benefits expected to be paid in exchange for the related service.

Other long-term employee benefits

Liabilities recognized in respect of other long-term employee benefits are measured at the present
value of the estimated future cash outflows expected to be made by the Company in respect of
services provided by employees up to the reporting date. The expected costs of these benefits are
accrued over the period of employment using the same accounting methodology as used for
defined benefit retirement plans. Actuarial gains and losses arising from experience adjustments
and changes in actuarial assumptions are charged or credited to the statement of profit and loss
in the period in which they arise. These obligations are valued annually by independent qualified
actuaries.

The Company is providing benefits in the nature of compensated absences to its employees which
are classified as other long-term employee benefits.

4.13. Income Taxes

Tax expense represents the sum of current tax and deferred tax.

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws
that have been enacted or substantively enacted by the reporting date and includes any
adjustment to tax payable in respect of previous years. Subject to exceptions below, deferred tax
is provided, using the balance sheet method, on all temporary differences at the reporting date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting
purposes:

• tax payable on the future remittance of the past earnings of subsidiaries where the timing of
the reversal of the temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable future; and

• deferred tax assets are recognized only to the extent that it is more likely than not that they
will be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the
year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date. Tax relating to items recognized
directly in other comprehensive income is recognized in the statement of comprehensive income
and not in the statement of profit or loss.

Deferred tax is provided, using the balance sheet method, on all temporary differences at the
reporting date between the tax bases of assets and liabilities and their carrying amounts for
financial reporting purposes.

Deferred Tax Assets include Minimum Alternate Tax (MAT) paid in accordance with the tax laws
in India, which likely to give future economic benefits in the form of set off against future income
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105 th ANNUAL REPORT - FY’ 23

tax liability. MAT is recognized as deferred tax asset in the balance sheet when the asset can be
measured reliably and it is probable that the future economic benefit associated with the asset
will be realized.

The carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or
part of the asset to be recovered.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same
taxation authority and the relevant entity intends to settle its current tax assets and liabilities on
a net basis.

Ind AS 12 Appendix C, Uncertainty over Income Tax Treatments: On March 30, 2019, Ministry of
Corporate Affairs has notified Ind AS 12 Appendix C, Uncertainty over Income Tax treatments
which is to be applied while performing the determination of taxable profit (or loss), tax bases,
unused tax losses, unused tax credits and tax rates, when there is uncertainty over Income Tax
treatments under Ind AS 12. According to the Appendix, companies need to determine the
probability of the relevant tax authority accepting each tax treatment, or group of tax treatments,
that the companies have used or plan to use in their income tax filing which has to be considered
to compute the most likely amount or the expected value of the tax treatment when determining
taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates.

The standard permits two possible methods of transition – (i) Full retrospective approach –
Under this approach, Appendix C will be applied retrospectively to each prior reporting peiod
presented in accordance with Ind AS 8 – Accounting Policies, Changes in Accounting Estimates
and Errors, without using hindsight and (ii) Retrospectively with cumulative effect of initially
applying Appendix C recognized by adjusting equity on initial application, without adjusting
comparatives.

The effective date for adoption of Ind AS Appendix C is annual period beginning on or after Aprli
1, 2019. The company will adopt the standard on April 1, 2019 without adjusting comparatives.
The effect on adoption of Ind AS 12 Appendix C would be insignificant in the standalone financial
statements.

Amendment to Ind AS 12 – Income Taxes: On March 30, 2019, Minnitry of Corporate Affairs
issued amendments to the guidance in Ind AS 12, ‘Income Taxes’, in connection with accounting
for dividend distribution taxes.

The amendment clarifies that an entity shall recognize the income tax consequences of dividends
in profit or loss, other comprehensive income or equity according to where the entity originally
recognized those past transactions or events.

Effective date for application of this amendment is annual period beginning on or after April 1,
2019. The company is currently evaluating the effect of this amendment on the standalone
financial statements.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Amendments to Ind AS 19: On March 30, 2019, Ministry of Corporate Affairs issued amendments
to Ind AS 19, ‘Employee benefits’, in connection with accounting for plan amendments,
curtailments and settlements.

The amendments require an entity:

• To use updated assumptions to determine current service cost and net interest for the
remainder of the period after a plan amendment, curtailment or settlement; and

• To recognize in profit or loss as part of past service cost, or a gain or loss on settlement, any
reduction in a surplus, even if that surplus was not previously recognized because of the
impact of asset ceiling.

Effective date for application of this amendment is annual period beginning on or after April 1,
2019. The company does not have any impact on account of this amendment.

4.14. Revenue recognition

Revenue is recognized upon transfer of control of promised goods or services to customers in an

amount that reflects the consideration the company expects to receive in exchange for those goods
or services.

Sales of Goods

The Company derives revenue principally from sale of iron, manganese and sponge iron.

Effective 1st April, 2018, the Company has adopted IND AS 115 “Revenue from Contracts with
Customers” using the cumulative which establishes a comprehensive framework for determining
whether, how much and when revenue is recognized. Ind AS 115 replaces Ind AS 18 Revenue, Ind
AS 11 Construction Contracts and related interpretations. The Company has adopted Ind AS 115
using the cumulative effect method (without the practical expedient), with the effect of initially
applying this standard recognized at the date of initial application (i.e., 1st April, 2018). Under
this transition method, the standard is applied retrospectively only to contracts that are not
completed as at the date of initial application, and the comparative information is not restated-
i.e., the comparative information continues to be reported under Ind AS 18 and Ind AS 11. The
adoption of the standard did not have any material impact on the financial statements of the
Company.

Revenue from the sale of goods is recognized at the point in time when control is transferred to
the customer. Revenue from sale of goods is measured based on the transaction price, which is
the consideration, adjusted for discounts and pricing incentives, if any, as specified in the
contracts with the customer. GST is not received by the company for its own account. Rather, it is
tax collected on sale on behalf of the Government. Accordingly, it is excluded from Revenue.

Provisions for estimated losses on incomplete contracts are recorded in the period in which such
losses become probable based on the current contract cost estimates.

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105 th ANNUAL REPORT - FY’ 23

Other Income – Accounting Policy

Other income is comprised primarily of interest income, dividend income, gain/ loss on
investments. Interest Income is recognized as it accrues in the statement of profit and loss using
the effective interest method.

• Dividend income is recognized when the right to receive dividend is established.

• Interest income from a financial asset is recognized when it is probable that the economic
benefits will flow to the Company and the amount of income can be measured reliably. Interest
income is accrued on time basis, by reference to the principal outstanding and at the effective
interest rate applicable, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that asset's net carrying amount on initial
recognition.

5. Critical accounting judgements and key sources of estimation uncertainty:

In the application of the Company's accounting policies, which are described in note 3, the
management of the Company is required to make judgements, estimates and assumptions about
the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors
that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affects
both current and future periods.

5.1. Critical judgements in applying accounting policies:

The following are the critical judgements, apart from those involving estimations (see note 4.2
below), that the management have made in the process of applying the Company's accounting
policies and that have the most significant effect on the amounts recognized in the financial
statements:

5.1.1. Financial assets at amortized cost: -

The management has reviewed the Company’s financial assets at amortised cost in the light of its
business model and have confirmed the Company’s positive intention and ability to hold these
financial assets to collect contractual cash flows. The carrying amount of these financial assets is
Rs. 35,206.00 Lakhs (March 31, 2018: Rs. 84,039.37 Lakhs). Details of these assets are set out in
note 33.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

5.1.2. Provision for Restoration and rehabilitation of mining sites: -

Provisions are recognised for costs associated with restoration and rehabilitation of mining sites
as soon as the obligation to incur such costs arises. Such restoration and closure costs are typical
of extractive industries and they are normally incurred at the end of the life of the mines. The
costs are estimated on the basis of mine closure plans and the estimated discounted costs of
dismantling and removing these facilities and the costs of restoration are capitalized when
incurred reflecting the Company’s obligations at that time.

A corresponding provision is created on the liability side. The capitalized asset is recognized in
the Statement of Profit or Loss over the life of the asset through depreciation over the life of the
operation and the provision is increased each period through unwinding the discount on the
provision. Management estimates are based on local legislation and/or other agreements. The
actual costs and cash outflows may differ from estimates because of changes in laws and
regulations, changes in prices, analysis of site conditions and changes in restoration technology.

5.1.3. Ore reserve and mineral resource estimates

The Company estimates and reports ore reserves under the principles contained within the
guidelines issued by the Indian Bureau of Mines (IBM) – including:

• Future production estimates – which include proved and probable reserves, resource
estimates and committed expansions.

5.1.4. Deferred stripping expenditure

The Company defers stripping (waste removal) costs incurred during the production phase of its
operations. This calculation requires the use of judgements and estimates relating to the expected
tonnes of waste to be removed over the life of the mining area and the expected economically
recoverable reserves to be extracted as a result. This information is used to calculate the average
life of mine strip ratio (expected waste to expected mineral reserves ratio). Changes in a mine’s
life and design will usually result in changes to the average life of mine strip ratio. These changes
are accounted for prospectively. However, since the lease of mines have expired and not renewed
till date, this is not applicable as on date.

5.2. Key sources of estimation uncertainty:

The following are the key assumptions concerning the future, and other key sources of estimation
uncertainty at the end of the reporting period that may have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year:

5.2.1. Useful lives of property, plant and equipment:

As described in note 4.2 above, the Company reviews the estimated useful lives of property, plant
and equipment at the end of each reporting period. However, since the lease of mines have expired
and not renewed till date, the company is not in a position to review and assess the useful life of
the assets constructed over such leases.

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105 th ANNUAL REPORT - FY’ 23

5.2.2. Fair value measurements and valuation processes:

Some of the Company’s assets and liabilities are measured at fair value for financial reporting
purposes. In estimating the fair value of an assets or a liability, the company uses market-
observable data to the extent it is available. Where level 1 input is not available, the company
engages third party qualified valuers to perform the valuation.

*************************

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

6. Property, plant and equipment and capital work-in-progress

6.1. Property, plant and equipment

Amt in Rs Lakhs-

Sl. Description Original Impair Cumulative Balance as Additio Disposa Depreciatio Balance as
No Cost of ment Depreciation at 01.04.22 n l/ n Expenses at
. Acquisitio upto 31.03.22 during Transfe during the 31.03.202
n the Year r during Year 3
the Year
Carrying
Amount of:
1 Freehold land 0.28 - 0.28 - - - 0.28
-
2 Leasehold 196.77 32.74 164.03 - 1.97 162.06
Land - -
3 Buildings 1,374.88 14.89 447.95 926.93 - 902.67
24.26
4 Roads 246.05 - 233.75 12.30 - - 12.30
5 Furniture and 218.02 - 206.26 11.76 0.35 0.47 11.64
fixtures
6 Plant and 3,125.03 - 2,979.67 145.36 3.77 5.80 143.33
equipment
7 Electrical 237.22 - 222.25 14.97 4.06 1.46 17.57
installation
9 Computers 93.05 - 82.01 11.04 3.28 4.21 10.11
10 Vehicles 64.56 - 63.97 0.59 - 0.59
11 Railway 458.02 - 418.96 39.06 - 4.19 34.87
Sidings
Total 6,013.88 14.89 4,687.56 1,326.32 11.46 - 42.36 1,295.42

Title Deed of Immovable Properties not held in name of the Company

Relevant line Description of Gross Title deeds held Whether title deed Property Reason for not
item in the item of carrying in the name of holder is promoter, held since being held in the
Balance Sheet property value director or relative # of which date name of the
Amt.in promoter / director or company **
Lakh employee of promoter /
director

PPE Land 0.28 BPMEL 196.539 Acre - No 1991

Land Bird & Co. 3.910 Acre - No 1991
Land Encroachment 3.393 Acre - No 1991
Land OMDC 3.023 Acre 1991
Investment Land
property Building
Non-current Land
asset held for Building
sale

6.1.1. Machinery spare-parts which can be used only in connection with an item of fixed assets
and whose use, as per technical assessment, is expected to be irregular are capitalized and
depreciated over the residual life of the respective assets

6.1.2. Leasehold Properties has been reclassified as operating lease and Carrying amount is
shown under 'Other Assets' in Schedule No. - 12.

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105 th ANNUAL REPORT - FY’ 23

6.1.3. Leasehold Land classified as Free Hold land in 2020-21 has been reclassified as Leasehold
Land in 2021-22 and cumulative deprecation and depreciation for this period has been
taken as per earlier calculation.

6.1.4. Total Free Hold Land of 206.865 Acres has been included under Land out of which 3.023
Acres are in the name of OMDC, 3.910 Acres in the Name of Bird & Co., 3.393 Acres has
been encroached by OMDC and 196.539 Acres in the name of BPMEL

6.2. CAPITAL WORK -IN-PROGRESS

For the Year For the Year Ended

Ended 31-03-2023 31-03-2022
Capital work-in-progress 415.45 415.45
Less: Impairment loss on capital work-in-progress recognized in profit 75.48 75.48
and loss
Total capital work in progress 339.97 339.97

CWIP Ageing Schedule

CWIP Amount in CWIP for a period of

Less than 1 year 1-2 years 2-3 years More than 3 years Total
Project in Progress - 204.58 91.71 43.68 339.97
Projects temporarily
suspended

CWIP Completion Schedule

CWIP To be Completed in
Less than 1 year 1-2 years 2-3 years More than 3 years Total
Project 1 - - - 339.97 339.97
Project 2

6.2.1. Capital work-in-progress includes other fixed assets to be installed and unfinished
construction and erection material

6.2.2. Building, Road, Rly. Siding and other permanent structure constructed on mining lease
have been depreciated as per the rate prescribed in Schedule - II of the Companies Act,
2013 and not amortised over the mining lease period.

7. INTANGIABLE ASSETS

Sl. Description Original Cumulative Balance as Addition Amortization Balance as

No. Cost of Depreciation at 01.04.22 during the Expenses at 31.03.23
Acquisition upto Year during the
31.03.2022 Year
1 Prospecting and development 150.67 150.67 - - - -
2 Mining rights 11,486.13 9,700.75 1,785.38 - 180.81 1,604.57
Total 11,636.80 9,851.42 1,785.38 - 180.81 1,604.57

Notes:

7.1. Addition of CWIP includes expenditure incurred for payment to ORSAC towards Study of
Geo-coordinate for demarcation of boundary of Forest area proposed for diversion -
Belkundi Mines.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

7.2. Prospecting and development expenses incurred to prepare the mines ready for commercial
exploration (i.e. in the nature of preliminary and preoperative expenses) are capitalized.

7.3. Expenditure incurred for obtaining required clearance to operate the mines subsequent to
the allotment of their lease is capitalized as intangible assets under the heads mining rights
on deemed extension basis. Intangible Assets has been amortized taking the validity of
mining lease upto 30.09.2030 for Bhadrasahi Lease, 15.8.2026 for Belkundi Lease and upto
10.10.2041 for Bagiaburu Lease.

7.4. Expenditure towards Stamp Duty & Registration fees for all the three mines except
Bagiaburu Mines of OMDC has not been provided, since the liability for payment has not
yet been crystallized for want of EC, FC and execution of supplementary lease deed and
demand not raised by Govt. of Odisha as on 31.3.2022 and shown under Contingent
Liability. Demand Notice in respect of Bagiaburu Mines has been raised by Govt. of Odisha
and shown under addition. Necessary amortization will be made after payment and
execution of supplementary lease deed.

8. INVESTMENTS
INVESTMENTS IN JOINT VENTURES

Non-Current For the Year For the Year Ended

Ended 31-03-2023 31-03-2022
Unquoted Investments (as fully Paid) - -
Investments in equity instrument (classified as at cost) - -
East India Minerals Limited (28,11,010 shares of Rs. 10.00 each fully paid up) - -
Total investment in Joint Ventures - -
Aggregate amount of impairment in value of investments - -
Aggregate carrying value of unquoted investments - -

8.1. DETAILS OF INVESTMENT IN JV

Details of each of the Company's joint ventures at the end of the reporting period are as follows:

Name of the joint Venture Principal Activity Place of Proportion of ownership interest / voting rights
Incorporation and held by the Company
principal place of
business As at 31-03-23 As at 31-03-22

East India minerals Ltd. Mining, Manufacturing India 0% 0%

EIML and Trading

Investment on JV has been shown under Other Investment due to expiry of JV agreement w.e.f.
04.10.2013.

8.2. OTHER INVESTMENTS

(Non-Current) Amt in Rs lakhs As at 31-03-23 As at 31-03-22

Unquoted Investments
Investments in equity instruments (as fully paid)
The Eastern investments Limited (25,434 shares of Rs. 10.00 each fully 2.42 2.42
paid up)

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105 th ANNUAL REPORT - FY’ 23
East India Minerals Limited (28,11,010 shares of Rs. 10.00 each fully 281.10 281.10
paid up)
Woodlands Multi-Speciality Hospital Limited (500 shares of Rs. 10.00 0.05 0.05
each fully paid up)
The Sijua (Jherriah) Electric Supply Co. Ltd. (100 shares of Rs. 10.00 0.01 0.01
each fully Paid up)
Total Investments in equity Instruments 283.58 283.58
Quoted Investments - -
Total -Other non-current Investments 283.58 283.58

Additional Information
Aggregate Amount of quoted investments and market value thereof
(a) Aggregate Amount of unquoted Investment 283.58 283.58
(b) Aggregate Amount of Impairment in value of investments 281.16 281.16
(c) Net Other non-current Investment 2.42 2.42

8.3. Category-wise other Investments - as per Ind-AS 109 Classification

As at 31-03-23 As at 31-03-22
Financial assets mandatorily measured at fair value through profit or loss 2.42 2.42
(FVTPL)
Total 2.42 2.42

8.4. The Company had entered into a joint venture with M/s Usha (India) Ltd. for managing the
assets of M/s East India Minerals Ltd. (EIML). The matter is under dispute and present
status of the company and loss if any on account of diminution in value has been provided
for. As the JV agreement expired on 04.10.2013, investment on JV has been shown as Other
Investment. Investment in Woodland Multi-specialty Hospital Limited and The Sijua
(Jherriah) Electric Supply Company Ltd. has also been provided for {Refer 8.2(b)}.

9. TRADE RECEIVABLES

NON – CURRENT

Trade Receivables As at 31-03-23 As at 31-03-22

(a) Trade Receivables considered good - Secured 216.15 216.15
(b) Trade Receivables considered good - Unsecured;
(c) Trade Receivables which has significant increase in Credit Risk; and
(d) Trade Receivables - Credit Impaired (216.15) (216.15)
Less: Allowance for Bad and Doubtful Debts
Net Trade Receivable

CURRENT

Trade Receivables As at 31-03-23 As at 31-03-22

(a) Trade Receivables considered good - Secured
(b) Trade Receivables considered good - Unsecured; 0.67 0.67
(c) Trade Receivables which has significant increase in Credit Risk; and
(d) Trade Receivables - Credit Impaired
0.67 0.67
Less:- Allowance for Bad and Doubtful Debts - -
Net Trade Receivables 0.67 0.67

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

NOTES

9.1. Trade Receivables

The sale of goods is made against advances received from customer. The advance received from
customer is adjusted on supply of material. There is no credit period allowed for such sales and
accordingly no interest is to be charged. The trade receivable appearing in the books includes
amount receivable recognized against the debtors towards the debit notes raised on the customers
due to changes in Government levies (Royalty on ad-voleram basis by IBM). The Company has
raised such debit notes on the basis of retrospective computation of the sales made in the past
period from which the retrospective levies have been made applicable by the Government.

9.2. Age of Receivables (at Gross)

As at 31.03.2023

Particulars Within Less 6 1-2 year 2-3 year More than 3 Total
Credit than 6 months years
Period months - 1 year
Undisputed Trade Receivables - - 0.67 216.15 216.82
Considered Good
Undisputed Trade Receivables - which -
have significant increase in credit risk
Undisputed Trade Receivables - credit 216.15 216.15
impaired
Disputed Trade Receivables - -
considered good
Disputed Trade Receivables - which -
have significant increase in credit risk
Disputed Trade Receivables - credit -
impaired

As at 31.3.2022

Particulars Within Less 6 1-2 year 2-3 year More than 3 Total
Credit than 6 months years
Period months - 1 year
Undisputed Trade Receivables - - 0.67 216.15 216.82
Considered Good
Undisputed Trade Receivables - which -
have significant increase in credit risk
Undisputed Trade Receivables - credit 216.15 216.15
impaired
Disputed Trade Receivables - -
considered good
Disputed Trade Receivables - which -
have significant increase in credit risk
Disputed Trade Receivables - credit -
impaired

As at 31-03-23 As at 31-03-22
Within the credit period
1-90 days past due 0.67 0.67
More than 90 days past due
More than 6 months due
0.67 0.67

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105 th ANNUAL REPORT - FY’ 23

9.3. Movement in amounts of provisions for doubtful trade receivables

As at 31-03-23 As at 31-03-22
Balance as at April 1, 2022 (216.15) (216.15)
(Addition) / Reversal
Balance as at 31 March, 2023 (216.15) (216.15)

10. LOANS

NON-CURRENT

As at 31-03-23 As at 31-03-22
(i) Security Deposits
(a) Loan Receivables considered good - Secured 37.72 41.88
(b) Loan Receivables considered good - Unsecured
(c) Loan Receivables which has significant increase in Credit Risk 7.24 7.24
(d) Loan Receivables- Credit Impaired
(ii) Loans to related parties 44.97 49.12
Less: Allowance for bad and doubtful loans
(i) Loans to employees
(ii) Loans to others (7.24) (7.24)
TOTAL 37.72 41.88

10.1. LOANS RECEIVABLES FURTHER CLASSIFIED AS:

As at 31-03-23 As at 31-03-22
(i) Loans to employees: 37.72 41.88
(a) Secured, considered good;
(b) Unsecured, considered good;
(c) Doubtful
(ii) Loans to related parties;
(a) Secured, considered good;
(b) Unsecured, considered good;
(c) Doubtful 7.24 7.24
(iii) Loans to Others 44.97 49.12
Less: Allowance for bad and doubtful loans
(i) Loans to employees
(ii) Loans to others (7.24) (7.24)
TOTAL 37.72 41.88

10.2. The financial assets are carried at amortised cost.

10.3. Movement in amounts of provision for bad and doubtful loans

As at 31-03-23 As at 31-03-22
Balance as at April 1, 2022 (7.24) (7.24)
(Addition) / Reversal 7.24
Balance as at March 31, 2023 (0.00) (7.24)

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

11. OTHER FINANCIAL ASSETS

As at 31-03-23 As at 31-03-22
Non-current
(1) Term deposits having a maturity more than 12 months - -
Net other financial assets
Current
(a) Security deposits and Earnest Money deposits
Unsecured, considered good 163.80 163.97
(b) Interest accrued on
(1) Accrued Interest on Term deposits
Unsecured, considered good 177.49 293.13
(2) Other Receivables 36.04 41.54
Unsecured, considered good
(c) Other receivables
(1) Amount receivable from related party
Unsecured, considered good 18.20 23.06
Unsecured, considered doubtful 112.31
(2) Amount receivable from Others
Unsecured, considered doubtful 50.95 50.95
Gross other financial assets 446.48 684.96
Less: Allowance for bad and doubtful other financial assets
(a) Other receivables (50.95) (50.95)
(b) Amount receivable from related party - (109.92)
Total Allowance for bad and doubtful other financial assets (50.95) (160.87)
Net other financial assets 395.53 524.09

11.1. The financial assets are carried at amortised cost.

11.2. Movement in amounts of provision for bad and doubtful other financial assets

Balance as at April 1, 2022 160.87

(Addition) / Reversal (109.92)
Balance as at March 31, 2023 50.95

12. OTHER ASSETS

NON-CURRENT As at 31-03-23 As at 31-03-22

(a) Prepaid lease payments for lease hold properties - -
(refer note 12.1)
(b) Prepaid expenses towards employee loans - -
Total non-current other assets - -
Classification of other current assets: - -
Secured, considered good - -
Unsecured, considered good - -
Doubtful - -
Gross non-current other assets - -
B. Current
(i) Advances
(a) Advances to suppliers and service providers 126.96 94.26
(b) Other advances 3,347.36 3,024.86
(ii) Advance to employees
Unsecured, considered good 26.69 23.43
(iii) Others
(a) Prepaid lease payments for leased lands - 0.29
(refer note 12.1.2)
(b) Prepaid expenses towards employee loans 1.98 2.40
(c) Others prepaid expenses 2.67 2.10

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105 th ANNUAL REPORT - FY’ 23
Gross current other assets 3,505.66 3,147.34
Less: Allowance for bad and doubtful other current assets - -
(i) Advances
(a) Advances to suppliers and service providers 60.33 83.00
(b) Other advances 167.60 167.60
Total allowance for bad and doubtful other current assets 227.93 250.60
Total other assets 3,277.73 2,896.74
Classification of current other assets:
Secured, considered good - -
Unsecured, considered good 3,277.73 2,896.74
Doubtful 227.93 250.60
Gross current other assets 3,505.66 3,147.34

12.1. Other Advances of Rs.3347.37 Lakhs includes Royalty Advance of Rs.467.48 Lakhs, Input
Tax Credit of GST (Credit Balance) of Rs. 83.30 Lakhs, payment of advance with protest
amounting Rs. 2,715.14 Lakhs to DDM, Joda against compensation of excess mining for
BPMEL Leases as per the Order of Supreme Court dated 02.08.2017. OMDC was operating
the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney.
OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is
continuously being contested. The issue of BPMEL Leases is subjudice. Pending finality of
the case in the Court of Law of BPMEL Mines (which is a liquidated company), in the Court
of Law, the payment made under protest on behalf of BPMEL Mines of Rs.2715 Lakhs is
shown under advance.

12.2. Leasehold Properties has been shown as carrying cost for the balance amount as on
31.03.2023.

12.3. Movement in amounts of provision for bad and doubtful other assets

Amt in Rs Lakhs
Balance as at April 1, 2022 250.60
(Addition) / Reversal (22.67)
Balance as at March 31, 2023 227.93

12.4. Prepaid expenses towards employee loans represents difference amount between actual
interest charge from employee and notional interest at a Standard Rate of 9.25% for Motor
Vehicle Loan and 8.55% for House Building Advances. The said amount would be amortised
over the period of loan amount.

13. TAX ASSETS AND TAX LIABILITIES

A. Tax assets As at 31-03-23 As at 31-03-22

Non-current
(a) Income Tax 4,520.37 5,498.23
Total non-current tax assets 4,520.37 5,498.23
Classification of non-current tax assets
Secured, considered good - -
Unsecured, considered good 4,520.37 5,498.23
Doubtful -
Total non-current tax assets 4,520.37 5,498.23
B. Tax liabilities
Current
(a) Income tax payable - 1,083.83
Total current tax liabilities - 1,083.83

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED
Classification of current tax liabilities
Secured, considered good - -
Unsecured, considered good - 1,083.83
Doubtful - -
- 1,083.83
C. Tax Liability / Assets Net Off
Tax Assets Net Off 4,520.37 4,414.40
Tax Liability Net Off - -

Both the figures (Tax Assets and Tax Liabilities) have been shown as gross.

14. Inventories

(Lower of cost or net realisable value) As at 31-03-23 As at 31-03-22

(a) Raw materials 47.41 47.41
(b) Finished goods 1,998.33 1,948.58
(c) Stores and spares 136.34 139.06
Total 2,182.07 2,135.05

14.1. OMDC was operating the BPMEL Mines up to 2010 and extracted the minerals under the
Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the
name of OMDC is continuously being contested. The case of BPMEL with OMDC is
subjudice. Hence, the stock lying in the area of Kolha Roida, Thakurani and Dalki of BPMEL
(which is a liquidated company) have been valued by OMDC and taken into its books of
accounts.

14.2. Valuation of Inventory has been made based on Average Sales Price published by IBM and
cost price whichever is lower. IBM Price for the month of Feb, 23 has been taken except
35%-46% and 46% Mn. and above. For 35%-46% and 46% Mn. and above, the IBM Price of
35-46% for the month of Feb,2023 has been taken for valuation.

15. A. CASH AND CASH EQUIVALENT

For the purposes of the statement of cash flows, cash and cash equivalents include cash on hand
and in banks at the end of the reporting period as shown

As at 31-03-23 As at 31-03-22
(a) Cash on hand 0.03 0.07
(b) Balances with banks
(1) Balance with scheduled banks
(i) In current account 645.42 4,327.57
(ii) In deposit account (having maturity less than 3 months) - -
Total cash and cash equivalents 645.45 4,327.64

15.B. Bank balances other than cash and cash equivalents

As at 31-03-23 As at 31-03-22
Bank balances other than cash and cash equivalents
(1) Balance with scheduled banks
(i) Earmarked Balance with scheduled banks (Margin Money) 7,305.55 11,919.55
(ii) Earmarked Balance with scheduled banks (Unpaid Dividend) 17.08 17.08
(iii) In deposit account (having maturity between 3-12 months) - -
Total other bank balances 7,322.63 11,936.63

NOTE: Earmarked Balance with Scheduled Bank other than cash and cash equivalent includes amount deposited in
scheduled banks towards unpaid dividends.

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16. SHARE CAPITAL

As at 31-03-23 As at 31-03-22
Equity share capital 60.00 60.00
60.00 60.00
Authorised share capital:
6,000,000 fully paid shares of Re. 1/- each 60.00 60.00
60.00 60.00
Issued and subscribed share capital comprises:
6,000,000 fully paid shares of Re. 1/- each 60.00 60.00
60.00 60.00

16.1. FULLY PAID EQUITY SHARE

Particulars No. of shares Amount in

in lakhs Rs. lakhs
Balance as at 01.04.2022 60.00 60.00
Issue of shares - -
Balance as at 30.06.2023 60.00 60.00

(a) The Company has only one class of equity shares having a par value of Re. 1/- each. Each
shareholder is eligible for one vote per share. The dividend proposed by the board of directors is
subject to the approval of shareholders, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining assets of the Company,
after distribution of all preferential amounts, in proportion of their shareholding.

16.2. Details of shares held by each shareholder holding more than 5% of shares

Shares in the Company held by each shareholder holding more than 5 % shares specifying the
number of shares held

No. of shares % of holding of No. of shares % of holding of

held shares held shares
1. Eastern Investments Limited 30,00,890 50.01% 30,00,890 50.01%
2. Life Insurance Corporation of India 6,23,350 10.39% 6,23,350 10.39%
3. Others 23,75,760 39.60% 23,75,760 39.60%
Total 60,00,000 100% 60,00,000 100%

16.3. The details of shares held by the holding company is also covered in the note no. 16.2

16.4. A reconciliation of the number of shares outstanding at the beginning and at the end of the
reporting period.

Particulars Equity Shares

Number Face Value (Rs.) Rs. in lakhs
Shares outstanding as at the beginning of the year 60,00,000.00 Re. 1/- 60.00
Shares outstanding as at the end of the year 60,00,000.00 Re. 1/- 60.00

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

17. OTHER EQUITY

Particulars As at 31-03-23 As at 31-03-22

General reserve 32,474.35 32,474.35
Retained earnings (33,814.62) (32,181.33)
Total (1,340.27) 293.02

17.1. General Reserve

Particulars As at 31-03-23 As at 31-03-22

Balance at the beginning of the year/period 32,474.35 32,474.35
Movements - -
Balance at the end of the year/period 32,474.35 32,474.35

17.2. Retained Earnings

Particulars As at 31-03-23 As at 31-03-22

Balance at the beginning of the year/period (32,181.33) (30,727.48)
Accretion / Decretion in PL - -
Profit / (Loss) attributable to owners of the Company (1,654.19) (1,449.40)
Other comprehensive income arising from remeasurement of defined 20.90 (4.45)
benefit obligation net of income tax
FV loss adjustment - -
Provision for dividends on equity shares - -
Related provision for income-tax on Dividend - -
Transfer to General Reserve - -
Balance at the end of the year/period (33,814.62) (32,181.33)

Amt in Rs Lakhs

Other equity Reserves and surplus Total

General reserve Retained earnings
Profit and loss
Balance as at April 1st , 2022 32,474.35 (32,181.33) 293.02
Accretion / Decretion in PL -
Profit / (Loss) for the year - (1,654.19) (1,654.19)
Other comprehensive income for the year, net of taxes - 20.90 20.90
Payment of dividend - - -
Appropriation to reserves - - -
Balance as at 31st Mar 2023 32,474.35 (33,814.62) (1,340.27)

17.3. The General Reserve is used from time to time to transfer profits from retained earnings for
appropriation purposes. As the general reserve is created by a transfer from one component
of equity to another and is not an item of other comprehensive income, items included in
the general reserve will not be reclassified subsequently to profit or loss.

17.4. The amount in the General Reserve that can be distributed by the Company as dividends to
its equity shareholders is determined based upon the Company's financial statements and
also considering the requirements of the Companies Act, 2013.

17.5. In view of the company incurred loss in the Financial Year 2017-18, 2018-19, 2019-20,2020-
21 and 2021-22,2022-23 no dividend was declared by the company.

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18. BORROWINGS

18A NON-CURRENT BORROWINGS

Amt in Rs Lakhs
Particulars As at 31-03-23 As at 31-03-22
(1) Loan from Union Bank (Andhra Bank) including outstanding interest - 12,794.28
against payment to Government Odisha towards Compensation
Total current Borrowings - 12,794.28

18B CURRENT BORROWINGS

Particulars As at 31-03-23 As at 31-03-22

Loan from Union Bank (Andhra Bank) including outstanding interest 17,359.82 20,541.80
(1) against payment to Government Odisha towards Compensation
Total current Borrowings 17359.82 20,541.80

18C. TRADE PAYABLE

Particulars As at 31-03-23 As at 31-03-22

(1) Total outstanding dues of micro enterprises and small enterprises (See - -
note 18.1 below)
(2) Total outstanding dues of Creditors other than micro enterprises and
small enterprises
(3) Trade payables for supplies and services 319.27 294.37
Total current trade payables 319.27 294.37

Trade Payable ageing Schedule

Outstanding for following period from due date of payment

As at 31.03.2023

Particulars Not Due Less than 1 1-2 year 2-3 year More than 3 Total
year years
MSME -
Others 104.00 - 80.74 134.55 319.29
Disputed dues - MSME -
Disputed dues - Others -

As at 31.03.2022

Particulars Not Due Less than 1 1-2 year 2-3 year More than 3 Total
year years
MSME -
Others 79.00 80.74 134.55 294.29
Disputed dues - MSME -
Disputed dues - Others -

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

18.1. As per Sanctioned Loan Terms & Conditions, following are kept by Union Bank (Andhra
Bank) as Security:

(I) Primary Security:

a. First Charge on all immovable properties (Including mortgage of Leasehold rights in case of
mining land and mining licence) and assets of the OMDC Ltd.

b. First Charge on all movable assets including but not limited to Plant & Machinery, machinery
spares, tools & accessories of OMDC

c. First Charge on all Project related documents, contracts, rights, interests, insurance policies,
accounts and all benefits incidental to the Unit.

(II) Collateral Security, Cash Collateral - Lien on Fixed Deposit for an amount of Rs. 49.50 Crs

18.2. As per the communication of sanction of One Time Restructuring (OTR) vide letter no.
1023/STL/OMDC/RES/29/2021 dated 17-06-2021, Bank has approved Restructuring of
Existing Short-Term Loan with Principal outstanding by deferment of remaining
instalments from June, 2022 along with Funded Interest Term Loan (FITL) for deferred
interest. Accordingly, the existing outstanding loan is shown under Non-Current Liability.

18.3. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small
and Medium Enterprises Development Act, 2006 which have been determined to the extent
such parties have been identified on the basis of information available with the Company.

18.4. Trade Payable has been segregated with Lease Liability shown in Schedule 20© & (D) under
Lease Liabilities

19. OTHER FINANCIAL LIABILITIES

Amt in Rs Lakhs

Current As at 31-03-23 As at 31-03-22

(a) Unpaid dividends (refer note 19.1 below) 49.42 49.42
(b) Creditors for other liabilities
(1) Earnest monetary deposit and security deposits from customers 930.74 1,539.01
(2) Others 1,227.66 898.15
Total current other financial liabilities 2,207.82 2,486.58

Notes:

19.1. Unpaid dividend includes Rs. 32.34 lakhs for disputed dividend as on March 31, 2023. The
Unpaid Dividend pertains to 12-13 - Rs. 3.40 Lakhs, 13-14 - Rs. 1.36, 14-15 - Rs. 6.03 Lakhs,
15-16 - Rs. 3.24 Lakhs & 16-17 - Rs. 3.06 Lakhs.

19.2. Other Liabilities amounting Rs. 1241.23 Lac includes Inoperative Account (Rs.202.60 Lac),
Liability toward General Mines (Rs.812.97 Lac), Liability toward Contractor & Sundry

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105 th ANNUAL REPORT - FY’ 23

Creditors (Rs.101.53 Lac) and Liabilities toward Hospital, General (SIP), Railway (DC&
Punitive), Stores for Mines & SIP etc (Rs.13.58).

19.3. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small
and Medium Enterprises Development Act, 2006 which have been determined to the extent
such parties have been identified on the basis of information available with the Company.

20. A-Provisions (Non-Currents)

Non-current As at 31-03-23 As at 31-03-22

(a) Retiring gratuity 14.32 73.49
Medical Benefit to Retired Employees - -
(b) Other Long-term employee benefits
Compensated absences 370.70 341.44
(c ) Provision on Sales tax Appeal 53.15
Total non-current provisions 438.17 414.93

20 B-Provisions (Currents)

Current As at 31-03-23 As at 31-03-22

(a) Provision for employee benefits
Retirement Benefits Obligations
Retiring Gratuity
Medical Benefit to Retired Employees
(b) Other Employee Benefits
Compensated absences 378.19 333.04
Provision for pay revision 4,195.93 3,988.27
Provision for Bonus and unpaid wages 3.66 14.53
(c) Other provisions
Provision for Judicial Award 1,079.40 877.22
Other provisions 90.22 51.53
Total Current Provisions 5,747.40 5,264.59

20 C-Lease Liabilities (Non-Currents)

As at 31-03-23 As at 31-03-22
(a) Provision for site reclamation 286.55 286.55
Provision for Restoration Cost 417.93 417.93
Total Non-Current Lease Liabilities 704.48 704.48

20 D-Lease Liabilities (Currents)

As at 31-03-23 As at 31-03-22
Provision towards Forest Dept. 155.75 155.75
Provision towards Mining Dept.. - -
Provision towards Pollution Dept. 16.77 16.77
Provision towards Registration and Stamp Duty - 610.22
Total Current Lease Liabilities 172.52 782.74

20.1. Movement in the balances of provision during the year

Other provisions

Provision for Provision for site Other legal Other

pay revision [See reclamation & obligations provisions
note (i)] Restoration Cost [See [See note (iii)]
note (ii)]
Balance as at April 1, 2022 3,988.27 704.48 877.22 51.53
Additional provision recognised / (reversed) 207.66 - 202.18 38.69
Balance as at March 31, 2023 4,195.93 704.48 1,079.40 90.22

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Notes:

(i) Pay Revision of Employees:

The provision is recognised with respect to the pay revision of the employees of Central Public
Sector Enterprises, the same is provided for in the books of accounts with effect from 1st April,
2010 on basis of the difference in Basic Pay and Industrial Dearness Allowance between 1997 and
2007 Pay Scale. Calculation made on basis of the present basic pay and IDA component of the
existing employees."

(ii) Provision for site Reclamation & Restoration:

Provision for site reclamation is made with respect to the restoration of the mines and are made
against the demand raised by the various mining related departments of Government for site
reclamation and restoration as required under the Mining laws. Balance amount for site
reclamation based on revised calculation is provided in contingent liability."

(iii) Provision for Legal obligation: -Provision available for Legal Obligation is Rs. 1079.40 Lakhs

21. DEFERRED TAX LIABILITIES

The following is the analysis of deferred tax assets/(liabilities) presented in the balance sheet:

As at 31-03-23 As at 31-03-22
Deferred tax assets 17898.20 16892.47
Deferred tax liabilities - (54.68)
Net Deferred Tax Assets as on 31.03.2023 17898.20 16837.79

2022-23

Deferred tax (liabilities) / assets: Opening Recognized in profit Recognized in Closing

balance as at or loss other balance as at
01.04.2022 comprehensive 31.03.2023
income
Tax effect of items constituting deferred tax
liabilities
On difference between book balance and tax 54.68 523.82 - 578.50
balance of fixed assets
54.68 523.82 - 578.50
Tax effect of items constituting deferred tax
assets
Provision for compensated absences, gratuity 90.24 (5.85) - 84.39
and other employee benefits recognised in
profit and loss
Tax impact on remeasurement gain/(loss) 1.49 - (7.34) (5.85)
arising from defined benefit obligation
Provision for doubtful debts / advances / 16,800.74 1,597.42 - 18,398.16
compensation / Loss
Disallowances under section 43B of the Income - - -
Tax Act, 1961
16892.47 1591.57 (7.34) 18476.70
Deferred tax (liabilities) / assets (net) (16837.79) (1067.75) 7.34 (17898.20)

Note: Deferred Tax Calculation is made based on temporary difference of depreciation as per
Company's Act, 2013 and Income Tax Act,1961 disallowances U/s 40 A(7) & 43 B and Business
Loss / unabsorbed depreciation upto the Assessment Year 2022-23.

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105 th ANNUAL REPORT - FY’ 23

22. OTHER LIABILITY

Amt in Rs Lakhs
Current For the period ended For the period ended
31-03-23 31-03-22
(i) Advances received from customers (S Drs Payable) 12,439.34 2,716.95
(ii) Statutory dues 99.93 -
(a) Property tax and others 1,209.52 228.68
(iii) Other credit balances 104.75 1.45
Total other liabilities 13,853.54 2,947.08

23.

23 A - Income from Operation

Amt in Rs Lakhs
Particulars For the period ended For the period ended
31-03-23 31-03-22
A. Sales of Product
(i) Iron Ore 3,553.06 7,575.27
(ii) Manganese Ore 0.01 692.60
(iii) Sponge - -
Total Sales of Product A 3,553.07 8,267.87
B. Other Operating Revenue - -
Total Other Operating Revenue B - -
Total Revenue from Operation 3,553.07 8,267.87

23B OTHER INCOME

For the period ended For the period ended

31-03-23 31-03-22
(a) Interest income from:
(1) Bank deposits 371.07 417.20
(2) Non-current investment - -
(3) Income tax refund - -
(4) Others (Interest on MVA & HBA) 2.12 1.51
(b) Dividend Income
Dividend from equity Instruments - -
(c) Interest benefits on amortisation of employee loans 0.52
(d) Liabilities no longer required written back - 45.00
(e) Co-sharing Expenses 350.74 -
(f) Miscellaneous income 217.99 214.94
Total other income 941.92 679.17

Note:

Miscellaneous Income includes rent received from SBI for ATM Counter, BSNL for Mobile Tower
and recovered from Agencies for their employees accommodation and Refund from Govt. of
Odisha towards Excess Payment wrt Compensation.

23C. EXCEPTIONAL ITEMS

For the period ended For the period ended

31-03-23 31-03-22
(a) Provision for Income Tax Written Back - -
(b) Liability No Longer Required Written Back 153.45 14.62
Total Exceptional Items 153.45 14.62

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

24. CHANGES IN INVENTORIES OF FINISHED GOODS AND WORK IN PROGRESS

Sno Particulars For the Period ended Increase / (Decrease) For the Year Ended
31.03.2023 31-03-2022
1 Iron Ore 1,375.14 49.75 1,325.39
2 Manganese Ore 623.20 - 623.20
3 Sponge Ore - - -
4 Coal 47.18 - 47.18
5 Dolomite 0.23 - 0.23
2,045.75 49.75 1,996.00

24.1. OMDC was operating the BPMEL Mines up to 2010 and extracted the minerals under the
Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the
name of OMDC is continuously being contested. The issue of lease right in the Court of Law
is pending to be decided, since the case of BPMEL with OMDC is subjudice. Hence, the stock
lying in the area of Kolha Roida, Thakurani and Dalki of BPMEL (which is a liquidated
company) have been valued by OMDC and taken into its books of accounts.

25. Employee benefit expense

For the Year Ended For the Year Ended

31-03-23 31-03-22
(a) Salaries and wages, including bonus 1,917.42 1,512.43
(b) Contribution to provident and other funds: 421.17 454.02
(1) Provident Fund 157.07 155.26
(2) Superannuation Fund 63.02 63.27
(3) Employees State Insurance -
(4) Gratuity & Leave Encashment & Half Pay 201.08 235.49
(5) Post employment pension scheme - -
(6) Social Security Costs - -
(d) Share based payment transactions expenses - -
(c) Staff welfare expenses 153.05 171.09
Total employee benefit expense 2,491.64 2,137.54

Note: The manpower as on 31.03.2023 is 236, which has been reduced by 16 heads compared to
last financial year.

26. FINANCE COST

Amt in Rs lakhs

Sno Particulars For the Year Ended For the Year Ended
31-03-23 31-03-22
(a) Interest expense 2,435.90 3,000.26
(b) BG Commission & Bank Service Charges 6.78 -
Total Finance cost 2,442.68 3,000.26

Note: Finance Cost includes the following:

(1) BG Commission & STL Review Service Charges of Rs. 6.78 Lakh.

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105 th ANNUAL REPORT - FY’ 23

27. Depreciation and amortization expenses

Amt in Rs Lakhs
For the Year Ended For the Year Ended
31-03-23 31-03-22
Depreciation of plant, property and equipment 42.35 91.66
Amortization of intangible assets 180.81 1,439.70
Total depreciation and amortization 223.16 1,531.36

Notes:

Expenditure incurred for obtaining required clearances to operate the mines subsequent to the
allotment of their lease is capitalized as Intangible Assets. Amortization effect is given considering
revalidation of Mining Lease upto 30-09-2030 for Bhadrasahi Lease, 15-08-2026 for Belkundi
Lease and 10-10-2041 for Bagiaburu Lease.

28. OTHER EXPENSES

Amt in Rs Lakhs

For the Year Ended For the Year Ended

31-03-23 31-03-22
(a) Stores and spares consumed 29.10 23.79
(b) Repairs to buildings 52.22 21.10
(c) Repairs to machinery 41.00 13.57
(d) General Repair and Contractual Labour 2.87 207.98
(e) Purchase of power and fuel 123.14 122.38
(f) Rent expenses 43.07 33.03
(g) Royalty, dead rent or surface rent 889.71 1,446.56
(h) Rates and taxes 66.58 60.92
(i) Insurance charges 2.87 2.18
(j) Auditors’ remuneration and out-of-pocket expenses (Refer no. 28.1) 5.19 6.52
(k) Advertisement expenses 2.36 1.86
(l) Security expenses 316.35 238.48
(m) Corporate Social Responsibility expenses (Refer note no. 28.2) 8.52 10.01
(n) Environment protection expenses 4.50 16.48
(o) Hotel and incidental expenses 3.45 9.34
(p) Printing and stationery expenses 6.19 4.75
(q) Communication expenses 2.51 0.51
(r) Packing & Transporting Expenses 0.32 0.70
(s) Amortization of Prepaid Lease Hold Properties 0.29 0.95
(t) Amortization of Prepaid expenses on employee loans 0.42 0.52
(u) AGM / Annual Day / Board Meeting Expenditure 0.11 0.05
(v) Travelling Expenses 11.43 14.16
(w) Law Charges 61.33 93.81
(x) Consultancy Charges 10.58 14.12
(y) Motor Car Expenses 46.22 55.13
(z) Compensation paid against excess Mining - -
(ae) Loss on Judicial Judgement - -
(af) Corporate Insolvency Resolution Professional Fee - -
(z) Service Charges (OFA) 7.52 36.24
(aa) DMF (District Mineral Foundation) 254.81 375.58
(ab) NMET (National Mineral Exploration Trust) 16.99 29.32
(ac) User Fee 1.84 1.69
(ad) Other general expenses 251.16 140.31
Total other expenses 2,262.64 2,982.04

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Note: 1

Compensation against Excess Mining: -Pursuant to the Judgement of Hon'ble Supreme Court
dated 02.08.2017, Dy. Director of Mines, Odisha had issued different demand notices dated
02.09.2017, 23.10.2017 & 13.12.2017 to OMDC for OMDC Leases and to BPMEL for BPMEL
Leases towards compensation. The amount of Demand for OMDC Leases is Rs. 70218.46 Lacs
and for BPMEL Leases is Rs. 86157.12 Lacs, totaling Rs. 156375.58 Lacs towards EC, FC and
MP/CTO. OMDC had been operating BPMEL Leases backed by Power of Attorney to sign and
execute all mining leases and other mineral concessions from time to time. OMDC has paid the
compensation of OMDC Leases of Rs.87622.10 Lakhs towards OMDC Leases (Rs. 1479.68 Lakhs
on 29.12.2017, Rs. 13093.47 Lakhs on 16.11.2018, Rs. 693.45 Lakhs on 30.01.2019, Rs. 40000.00
Lakhs on 01.03.2019, Rs. 100 Lakhs on 20.09.2019 and Rs. 32255.50 Lakhs on 03.10.2019) in
2017-18, 2018-19 and 2019-20 out of its own fund of Rs.56622.10 Lac and borrowed fund from
Bank Rs.31000.00 Lakhs. OMDC has paid a sum of Rs. 2715.14 Lakhs (Rs. 2515.14 Lakhs on
29.12.2017 and Rs. 200.00 Lakhs on 16.11.2018) towards BPMEL Leases as advance. The
remaining amount of compensation including interest upto 31.03.2023 against BPMEL Leases
amounting Rs.186061.83 Lakh are shown under Contingent Liability.

Note: 2

Leasehold Properties has been reclassified as operating lease. Amortization of prepayment of

Leasehold Properties has been shown under Amortization of Prepayment Leasehold Properties.

28.1. Details of Auditor's remuneration for the period ended:

Sno Particulars For the Year Ended For the Year Ended
31-03-23 31-03-22
Auditors’ remuneration and out-of-pocket expenses
(i) As Auditors 5.19 6.52
(ii) For Taxation matters - -
(iii) For Other services - -
(iv) For reimbursement of expenses - -
Total 5.19 6.52

28.2. Expenditure on Corporate social responsibility:

a. Gross amount required to be spent by the Company during the year March 31, 2023 : Rs.2.71
lakhs (March 31, 2022 Rs 12.72 lakhs)

b. The Following Table shows the amount spent and yet to be spent during the year ended March
31, 2021 (figures in brackets represents amount for the previous year)

Particulars Paid Yet to be Paid Total

(A) (B) (A)+(B)
(i) Construction/Acquisition of any asset - - -
(-) (-) (-)
(ii) On purposes other than (i) above 8.52 4.20 12.72
(10.01) (2.71) (12.72)
Total 8.52 4.20 12.72
(10.01) (2.71) (12.72)

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c. Details of related party transactions

Particulars For the Year Ended For the Year Ended

31-03-23 31-03-22
(i) Contribution during the year Nil Nil
(ii) Payable as at the year end Nil Nil

29. INCOME TAXES

29.1. Income taxes recognized in profit and loss

Particulars As at 31-03-23 As at 31-03-22

In respect of the current year 0.00 0.00
Deferred tax
In respect of the current year (1075.09) 92.14
Total income tax expense recognized in the current year relating to (1075.09) 92.14
continuing operations

29.2. The income tax expense for the year can be reconciled to the accounting profit as follows:

Particulars As at 31-03-23 As at 31-03-22

Profit before tax (2,875.39) (1,371.88)
Income tax expense calculated at 26% (747.60) (356.69)
Effect of Income Tax that is exempt from taxation
Effect of expenses that are not deductible in determining taxable profit (320.15) 447.34
Current tax in respect of the previous years - -
Income tax expense recognized in profit or loss (1,067.75) 90.65

29.3. Income tax recognized in other comprehensive income

Particulars As at 31-03-23 As at 31-03-22

Deferred tax
Arising on Income and expenses recognized in other comprehensive (7.34) 1.49
income
Total income tax recognized in other comprehensive income (7.34) 1.49
Bifurcation of the income tax recognized in other comprehensive
income into:
Items that will not be reclassified to profit or loss (7.34) 1.49
Total (7.34) 1.49

30. SEGMENT INFORMATION

30.1. Products from which reportable segments derive their revenues

• Iron Ore

• Manganese

• Sponge Iron

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

30.2. Segment revenues and results

The following is an analysis of the Company's revenue and results from operations by reportable
segment

Segment revenue Segment profit

For the Year Ended For the Year Ended For the Year Ended For the Year Ended
31.03.2023 31-03-2022 31.03.2023 31-03-2022
Iron ore segment 3,553.07 7,575.27 3,553.07 2,116.62
Manganese segment - 692.60 - 18.19
Sponge iron segment - - - (169.03)
Unallocated 1,095.38 693.79 1,095.37 (4,016.83)
Total for operations 4,648.44 8,961.66 4,648.44 (2,051.05)
Other income 153.45 693.79
Profit before Tax (2693.70) (1357.26)
Tax expenses (1,067.75) 92.14
Total profit from operations (1625.95) (1449.40)

30.3. Segment assets and liabilities

As at 31-03-23 As at 31-03-22
Segment assets
Iron ore segment 1,378.72 1,329.27
Manganese segment 623.20 623.20
Sponge iron segment 344.89 284.08
Total segment assets 2,346.81 2,236.55
Unallocated 37,175.94 44,347.32
Consolidated total assets 39,522.75 46,583.87
Segment liabilities
Iron ore segment - -
Manganese segment - -
Sponge iron segment - -
Total segment liabilities - -
Unallocated 40,803.03 46,230.85
Consolidated total liabilities 40,803.03 46,230.85

The Company has identified Iron Ore, Manganese Ore and Sponge Iron as their Business
Segment. Though Iron Ore and Manganese Ore Mines as well as Sponge Iron Plant are closed
since Sept., 2010, Presently Company’s source of revenue is Sale of old stocks ( Iron ore &
Manganese) and Interest & accrued interest on Fixed deposits kept in Lien against Bank
Guarantee & Collateral Deposit money against Loan from Bank. The Assets have been allocated
directly which are identifiable to the respective segment and the balance is put in the un-allocated
segment. The total liabilities have been allocated to un-allocated segment

30.4. Other segment information

Particulars Depreciation and amortization Additions to non-current assets

For the Year Ended Year ended For the Year Ended Year ended
31.03.2023 31.03.2022 31.03.2023 31.03.2022
Iron ore segment - - - -
Manganese segment - - - -
Sponge iron segment 4.22 32.92 - -
Unallocated 218.95 1,498.44 11.46 2,343.87
Total for operations 223.17 1,531.36 11.46 2,343.87

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30.5. Revenue from Major Products

The following is an analysis of the Company's revenue from operations from its major products
and services

Particulars For the Year Ended For the Year Ended

31-03-23 31-03-22
Iron ore segment 3,553.06 7,575.27
Manganese segment 0.01 692.60
Sponge iron segment - -
Unallocated 153.45 693.79
Total Revenue from Major Product 3,706.52 8,961.67

30.6. Geographical information

The Company operates mainly in principle geographical areas-India only and the Company does
not have any other operation in any Country outside India. Accordingly, the Geographical
information will only be applicable to India.

Particulars Revenue from external customers Non-current assets

For the Year Ended Year ended For the Year Ended Year ended
31.03.2023 31.03.2022 31.03.2023 31.03.2022
India 4,648.44 8,961.66 25,698.67 24,763.05
Outside India - - - -
Total 4,648.44 8,961.66 25,698.67 24,763.05

30.7. Information about major customers

The Company is currently not operating because of the non-renewal of lease hold agreement and
mining licenses with effect from FY 2009-10, which may resume in near future. Accordingly, there
are no major customers that can be identified to be reported for disclosure purpose as on 31st
March, 2023.

31. Earnings per share

Amt in Rs.
Particulars For the Period Ended For the Period Ended
31-03-23 31-03-22
Rs per share Rs per share
Basic and diluted earnings per share (27.57) (24.16)

31.1. Basic and diluted earnings per share

The earnings and weighted average number of equity shares used in the calculation of basic and
diluted earnings per share are as follows:

Particulars For the Period Ended Year ended

31-03-2023 31.03.2022
Earnings used in the calculation of basic and diluted earnings per share (1,654.19) (1,449.40)
(1,654.19) (1,449.40)

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Particulars For the Period Ended Year ended

31-03-2023 31.03.2022
Quantity in lakhs Quantity in lakhs
Weighted average number of equities shares outstanding for the purposes of 60.00 60.00
basic and diluted earnings per share

Earnings per share has further fallen down this year mainly because of losses incurred for
payment & provision of Compensation for excess mining as per Supreme Court decision.

32. EMPLOYEE BENEFIT PLAN

32.1. Defined contribution plan

Provident fund: Company pays fixed contribution to Provident Fund at the rate of 12% on Basic
& IDA.

32.2 Defined benefit plans

a) Gratuity: Payable on separation @ 15 days pay for each completed year of service to eligible
employees who render continuous service of 5 years or more and maximum payable amount is
calculated as per Gratuity Act. The gratuity amount is covered under “the Gratuity cum Life
Insurance Scheme” with LIC of India and the provision on account of gratuity is being made as
per the actuarial valuation.

These plans typically expose the group to risks such as actuarial risk, investment risk, interest
risk, longevity risk and salary risk.

Actuarial risk: It is the risk that benefits will cost more than expected. This can arise due to one
of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary
escalation will result into an increase in Obligation at a rate that is higher than expected.

Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate
assumption than the Gratuity benefits will be paid earlier than expected. Since there is no
condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss
or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal
rate assumption than the Gratuity benefits will be paid earlier than expected. The impact of this
will depend on whether the benefits are vested as at the resignation date."

ii. Investment risk: For funded plans that rely on insurers for managing the assets, the value of
assets certified by the insurer may not be the fair value of instruments backing the liability. In
such cases, the present value of the assets is independent of the future discount rate. This can
result in wide fluctuations in the net liability or the funded status if there are significant changes
in the discount rate during the inter-valuation period.

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105 th ANNUAL REPORT - FY’ 23

iii. Interest risk: A decrease in interest rate will increase the plan liability; however, this will be
partially offset by an increase in the return on the plan assets.

iv. Longevity risk: The present value of the defined benefit plan liability is calculated by reference
to the best estimate of the mortality of plan participants both during and after their employment.
An increase in the life expectancy of the plan participants will increase the plan's liability.

v. Salary risk: The present value of the defined benefit plan liability is calculated by reference to
the future salaries of plan participants. As such, an increase in the salary of the plan participants
will increase the plan's liability.

"No other post-retirement benefits are provided to these employees.

The most recent actuarial valuation of the plan assets and the present value of the defined benefit
obligation were carried out as at March 31, 2021 by M/s. Kapadia Actuaries and Consultants, a
firm with fellow of the Institute of Actuaries of India. The present value of defined benefit
obligation and the related current service cost were measured using the projected unit credit
method."

The principal assumptions used for the purposes of the acturial valuations were as follows:

Particulars As at 31-03-23 As at 31-03-22

Discount rate(s) 7.30% 6.60%
Expected rate(s) of salary increase 5.00% 5.00%
Withdrawal rate 3% at younger ages 3% at younger ages
reducing to 1% at reducing to 1% at older
older ages ages

Amounts recognized in statement of profit and loss in respect of these defined benefits plans are
as follows: -

Particulars As at 31-03-23 As at 31-03-22

Current service cost 58.26 55.17
Past service cost and (gain)/loss from settlements -
Net interest expense 2.93 4.23

Service cost
Components of defined benefit costs recognized in profit or loss 61.19 59.40

Remeasurement on the net defined benefit liability:

Return on plan assets excluding amounts included in interest income (3.47) (7.15)
Actuarial (gains)/losses arising from changes in demographic - -
assumptions
Actuarial (gains)/losses arising from changes in financial assumptions (37.12) (22.69)
Actuarial (gains)/losses arising from experience assumptions 12.35 35.78
Components of defined benefit costs recognized in other comprehensive (28.24) 5.94
income
Total 32.95 65.34

The current service cost and the net interest expense for the year are included in the "Employee
benefits expense" line item in the statement of profit and loss

The remeasurement of the net defined liability is included in other comprehensive income.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

The amount included in the balance sheet arising from the entity's obligation in respect of its
defined benefit plans are as follows

April 1, 2023 Gratuity

Present value of funded defined benefit obligation 1,161.91
Fair value of plan assets (1,147.59)
Net liability arising from defined benefit obligation 14.32

Movements in the present value of the defined benefit obligations are as follows:

Particulars Gratuity
Opening defined benefit obligation as at April 01, 2023 1,215.08
Current service cost 58.26
Interest Cost 72.61
Remeasurement (gains)/losses: -
Actuarial (Gains)/losses arising from changes in demographic assumptions -
Actuarial (Gains)/losses arising from changes in financial assumptions (37.11)
Past Service Cost -
Actuarial (Gains)/losses arising from experience assumptions 12.35
Benefits paid (159.28)
Closing defined benefit obligation as at March 31, 2022 1,161.91

Movements in the fair value of the plan assets are as follows:

Particulars Gratuity
Opening fair value of plan assets as at April 01, 2023 1,142.19
Interest income 69.68
Return on plan assets (excluding amounts included in net interest expense) 3.47
Contribution from the employer 91.53
Benefits paid (159.28)
Closing fair value of plan assets as at March 31, 2023 1,147.59

The fair value of the plan assets for India and overseas plan at the end of the reporting period for
each category, are as follows:

Fair value of plan assets as at As at 31-03-23 As at 31-03-22

Life Insurance of India (100%) 1,147.59 1,142.18
Total 1,147.59 1,142.18

32.2. Sensitivity analysis of defined benefit plans

Significant acturial assumption for determination of defined benefit plan are discount rate,
expected salary growth, attrition rate and mortality rate. The sensitivity analysis below has been
based on reasonably possible changes of the respective assumptions occurring at the end of the
reporting period while holding all other assumptions constant.

32.3. Sensitivity analysis

Particulars 31-Mar-23 31-Mar-22

Gratuity Gratuity
Increase Decrease Increase Decrease
Impact on amount due to change in Discount rate (-/+0.5%) 47.22 59.55 24.74 23.46
% Change compared to base due to sensitivity [+/(-)%] -2.17% 2.26% -2.56% 2.69%
Impact on amount due to change in Salary growth (-/+0.5%) 58.99 47.20 23.41 24.79
% Change compared to base due to sensitivity [+/(-)%] 2.20% -2.12% -2.52% -2.62%
Impact on amount due to change in withdrawal rate (-/+10%) 53.16 53.14 24.26 23.95
% Change compared to base due to sensitivity [+/(-)%] 0.09% -0.09% 0.09% -0.09%

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105 th ANNUAL REPORT - FY’ 23

"The sensitivity analysis presented above may not be representative of the actual change in the
defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation
of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of defined benefit
obligation has been calculated using projected unit credit method at the end of the reporting
period, which is same as that applied in calculating the defined benefit obligation liability
recognized in the balance sheet.

There is no change in the methods and assumptions used in preparing the sensitivity analysis
from prior years."

33. Financial Instruments

33.1. Categories of financial instruments

Amt in Rs Lakhs
Fair value of plan assets as at As at 31-03-23 As at 31-03-22
Measured at fair value through profit or loss (FVTPL)
(a) Mandatorily measured
(i) Equity investments 2.42 2.42
Total financial assets mandatorily measured at fair value through profit 2.42 2.42
or loss (FVTPL)
Measured at amortized cost
(a) Investment in bonds - -
(b) Cash and bank balances 7,968.08 16,264.27
(c) Trade receivables 0.67 0.67
(d) Loans 37.72 41.88
(e) Other financial assets 395.53 524.09
Total financial assets measured at amortized cost 8,402.02 16,830.92
8,404.44 16,833.34
Financial Liabilities 2,527.09 3,563.69
Measured at amortized cost
2,527.09 3,563.69

33.2. Financial risk management objectives

"The Company’s principal financial instruments comprise financial liabilities and financial assets.
The Company’s principal financial liabilities comprise trade payable and other financial liabilities.
The main purpose of these financial instruments is to manage short-term cash flow and raise
finance for the Company’s capital expenditure program. The Company has various financial assets
such as trade receivable and cash and short-term deposits, which arise directly from its
operations.

Risk exposures and responses

The Company manages its exposure to key financial risks in accordance with the Company’s
financial risk management policy. The objective of the policy is to support the delivery of the
Company’s financial targets while protecting future financial security. The main risks that could
adversely affect the Company’s financial assets, liabilities or future cash flows are market risks,
comprising commodity price risk, cash flow interest rate risk and foreign currency risk and

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

liquidity risk and credit risk. Management reviews and agrees policies for managing each of these
risks which are summarized below.

The Board of Directors reviews and agrees policies for managing each of these risks which are
summarized below."

33.3. Market risk

"Market risk is the risk that the fair value of future cash flows of a financial instrument will
fluctuate because of changes in market prices. The Company's financial instrument Market prices
comprise three types of risk: currency risk, interest rate risk and other price risk which include
equity price risk and commodity price risk. Financial instruments affected by market risk include
loans, trade receivables, other financial assets, trade payables and other financial liabilities.

The sensitivity analyses have not been prepared as there is no amount outstanding as debt, having
either fixed or floating interest rates, no derivatives financial instruments and no financial
instruments in foreign currencies."

33.4. Foreign currency risk management

"The Company does not undertake any transaction in foreign currency, consequently, exposures
to exchange rate fluctuation does not arise. The Company has all entered all the transaction in
currency which is the functional currency and accordingly the foreign currency risk has been
minimized to a very low level.

Foreign currency sensitivity analysis has not been performed considering the fact that there will
not be any impact on the profit or loss of the Company, as there are no foreign currency monetary
items."

33.5. Interest rate risk management

"Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will
fluctuate because of changes in market interest rates. As the Company does not have any
borrowings there is not a significant exposure to the interest rate risk but only to the extent of
recognition interest portion of financial instrument classified at amortised cost. The Company
manages it interest risk exposure relating to the financial instrument classified at amortised cost
by using the market interest rate as the effective interest rate and the changes in the assets
liabilities is accounted for as interest income/expenses with respect to financial assets/financial
liabilities respectively.

However, as there is no primary exposure to the interest rate risk the sensitivity analysis has not
been performed by the Company.

33.6. Other price risks

The Company is exposed to other price risks which include equity price risk and commodity price
risks. The Company holds investment for strategic rather than trading purposes. The sensitivity
analysis on the profit due changes in equity prices has been performed below
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105 th ANNUAL REPORT - FY’ 23

33.7. Equity price sensitivity analysis

"The Company’s listed and non-listed equity securities are susceptible to market price risk arising
from uncertainties about future values of the investment securities. The Company manages the
equity price risk by placing limits on individual and total equity instruments which is made
subject to the approval of Board of Directors. Reports on the equity portfolio are submitted to the
Company’s senior management on a regular basis. The Company’s Board of Directors reviews and
approves all equity investment decisions.

At the reporting date, the exposure to unlisted equity securities was Rs. 2.42 lakhs. The sensitivity
analysis based on the equity price risk at the end of the reporting period has been provided for the
investment these equity securities other than investment in joint venture is given below:

33.8. Credit risk management

"The Company trades only with recognized, creditworthy third parties and only on advance
payment basis. It is the Company’s policy that all customers who wish to trade are required to pay
the entire amount in advance. The Company does not perceive any risk of default as there is no
instance of credit sale. In addition, receivable balances are monitored on an ongoing basis, with
the result that the Company’s exposure to bad debts is not significant.

With respect to credit risk arising from the other financial assets of the Company, which comprise
cash, bank balances, short-term investments and other receivables, the Company’s exposure to
credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying
amount of these instruments. Refer to Note 9 for analysis of trade receivables ageing."

33.9. Liquidity risk management

The Company has huge investment in term deposits with banks and has sufficient owned funds
to finance its existing and continuing commitments. New investments and advances are likely to
be funded similarly. Major capital investments, if any, would be funded by through the terms
deposits and further requirement if any will be addressed through the use of bank overdrafts and
bank loans. The Company have deposited significant amount in terms deposits and have sufficient
funds required to meet the liquidity requirements of the Company. The table below summarizes
the maturity profile of the Company’s financial liabilities based on contractual undiscounted
payments.

33.9.1. Liquidity and interest risk tables

The following table details the Company's expected maturity for its non-derivative financial
assets. with agreed repayment periods. The table has been drawn based on the undiscounted
contractual maturities of financial assets including interest that will be earned on those assets.
the inclusion of information on non-derivative financial assets is necessary in order to understand
the Company's liquidity risk management as the liquidity is managed on a net asset and liability
basis.
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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

Expected maturity for non-derivative financial assets

Weighted Less 1-3 3 1-5 5+ Total Carrying

average than 1 months months years years Amount
effective month to 1 year
interest
rate
March 31,2023
Non-interest bearing
a) Trade receivables
b) Loans 37.72 37.72 37.72
c) Other financial assets 177.49 54.24 163.80 395.53 395.53

The following table details the Company's remaining contractual maturity for its non-derivative
financial liabilities with agreed repayment periods. The table has been drawn based on the
undiscounted cashflows of financial liabilities based on the earliest date on which the Company
can be required to pay. The table include both interest and principal cashflows. The contractual
maturity is based on the earliest date on which the Company may be required to pay.

Expected maturity for non-derivative financial liabilities:

Weighted Less 1-3 3 months 1-5 5+ Total Carrying

average than 1 months to 1 year years years Amount
effective month
interest
rate

April 1, 2022
Non-interest bearing
a) Trade payables 319.27 319.27 319.27
b) Other financial liabilities 913.65 980.16 314.01 2,207.82 2,207.82

33.9.2. Financing facilities

The Company has access to financing facilities as described below which has been remaining
unused in its entirety at the end of the reporting period. The Company expects to meet its other
obligation from operating cash flows and proceeds of maturity of financial asset

34. Fair value measurements

34.1. Fair value of the Company's financial assets and liabilities that are measured at fair value
on a recurring basis

The Company's investment in its holding company is considered as the only financial assets that
is mandatorily measured at fair value through profit or loss at the end of each reporting period.
The following table gives information about how the fair value of the financial assets are
determined (in particular, the valuation technique(s) and inputs used).

Financial assets and Fair value Fair value Valuation techniques and key inputs
financial liabilities hierarchy levels
As at 31-03- As at 31-03-
2023 2022

a) Investments in equity 2.42 2.42 Level - I Quoted market prices. However, there is no
instruments active trading in the market and the intention
of the management is to hold the same for
long-term. Accordingly, the carrying amount
approximates fair value.

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105 th ANNUAL REPORT - FY’ 23

34.2. The disclosure relating to the fair value of Financial Assets and Liabilities that are measured
at other than fair value is not required as the management of the company determined that
the carrying amounts of such assets and liabilities approximates their fair values.

35. Related party transactions

a. Ultimate holding company: Rashtriya Ispat Nigam Limited

b. Parent company: Eastern Investments Limited

c. Fellow subsidiary company: The Bisra Stone Lime Company Limited

d. Key Managerial Personnel:

• Shri DK Mohanty, Managing Director/ CEO

• Shri Ramakant Behera, Chief Financial Officer, (CFO)

• Shri S Raja Babu, Company Secretary, (CS)

35.1. Trading transactions

During the year, The Company entered into the following trading transactions with related parties

Related Party Nature of transaction For the year ended For the year ended
31-03-23 31-03-22
(a) Eastern Investments Common expenses borne by Holding Company 9.90 -
Limited Dividend Paid - -
Advance for director nomination fees received - -
Advance for director nomination fees returned - -
Advance for EIL's director nomination fees deposited - -
Advance for EIL's director nomination fees refunded - -
(b) The Bisra Stone Lime Reimbursement of expenses (138.43) -
Company Limited Guest house Rent expense - -
(c) M/s Rastriya Ispat Salary of Deputed Employees (371.67) -
Nigam Limited Sale of Material (10,037.02) -
Earnest Money Deposit (13.89)
Rent of AG-104, 2nd Floor, Salt Lake, Kolkata (4.86)

The following balances were outstanding at the end of the reporting period: Amounts owned by
/owned to related parties as on

Related Party Nature of balance As at 31-03-23 As at 31-03-22

(a) Eastern Investments Common Expenses at Corporate Office 9.52 0.38
Limited
(b) The Bisra Stone Lime Old Loan, Hiring Charges, Deputation Employee's dues (26.12) 112.31
Company Limited and common expenses at Corporate Office
Guest House Rent payable -
(c) M/s Rastriya Ispat Rent of AG-104, 2nd Floor, Salt Lake, Kolkata - 23.06
Nigam Limited Trade Advance (10209.28) (172.26)
Earnest Money Deposit (13.89) -
Salary of Deputed Employees (353.48) -

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

35.2. Compensation of Key Management Personnel

The remuneration of directors and other members of key management personnel during the year
are as follows:

Particulars As at 31-03-23 As at 31-03-22

Short-term benefits 3.75 7.43
Post Employment benefits - -
Other Long-term benefits - -
Share based payments - -
Termination benefits - -

35.3. Loans to related parties

Particulars As at 31-03-23 As at 31-03-22

Loans to key management personnel - -

36. Contingent liabilities

36.1. Contingent Liabilities

Amt in Rs Lakhs
Sno Particulars As at 31-03-23 As at 31-03-22
Claims against the Company not acknowledged as debts:
(A) Legal matters: - -
a) Claim of Service Tax - -
b) Money Suit by M./s Precious Minerals - 4.91
c) Review Petition by OMDC against Barbil Workers Union - 3.51
d) S. Panigrahi Vs. OMDC 2.50 2.50
e) Nobel Resources Vs. OMDC 93.43 93.43
f) Ishravati Rajbhar Vs. OMDC (Civil / Labour Case pending in MACT/ 1.75 1.75
ADM, Keonjhar
g) 3 Nos. Of Cases between State Vs. BPMEL - 3.00
h) 3 Nos. Of Cases between State Vs. OMDC - 3.00
i) Money Suit No 46/2019 S K Roy Chowdhury vs OMDC & others 542.67 542.67
j) Jai Balaji Industries Ltd CP(IB)No 688/KB/2020 (Interest) 1,498.21 617.17
k) OMDC Vs. RTO, Keonjhar 11.78 11.78
l) NCCF (Award passed under Arbitration) 100.00 100.00
m) OSL (Claim for Refund of EMD) 135.60 -
(B) Compensation for Excess Mining (BPMEL LEASES) Certificate Case 1,86,061.84 1,66,424.49
32/2018
(C) Bank Guarantee to IBM. OSPCB & Baitarani Irrigation Division 7,305.55 11,919.55
(D) Site Reclamation 1,480.44 1,480.44
(E) Vat re-assessment 2006-07 & 2007-08 - 237.31
(F) Other Dues (CST, VAT, OET & Service Tax) 26.21 26.21
(G) Stamp Duty, Registration Charges, NPV and other Statutory Payment 14,526.00 7,947.90
after supplementary lease executed (Bhadrasahi & Belkundi Mining
Lease)
(H) Scheme, CTE, CTO, Site Specific Wild Life Plan, Regional Wild Life Plan 6435.41 13013.51
and other Statutory payment
(I) CISF- Claim of Risk & Hardship Allowances 56.79 56.79
(J) Additional Royalty @ 150% on actual Royalty Paid on sale of Iron Ore 2297.68 2297.68
and 100% of actual royalty paid on Manganese Sale. (Royalty paid
Rs.1301.41 Lakh for Iron Sal and Rs.32.07 Lakh for Manganese Sale and
150% on Net off Dr and Credit Note amounting Rs. 309.00 Lakh) as per
Gazette Notification dated 28th March, 2021.
(K) Non-transfer of Unpaid Dividend amount to Investor Education 5.00 5.00
Protection Fund (IEPF) which has been lying more than 7 years
TOTAL 2,20,580.86 2,04,792.60

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105 th ANNUAL REPORT - FY’ 23

Claims against the Company not acknowledged as debt includes:

a. Legal Cases constitute Rs. 2385.94 Lakhs from sl. no. A(a) to (m). Claims of contractors for
supply of materials/services are pending with arbitration/courts which have arisen in the
ordinary course of business. It is expected that the ultimate outcome of these proceedings will
be in favour of the Company and will not have any material adverse effect on the Company's
financial position and results of operation. The amount shown above are approximate and not
crystallized on the date of reporting of accounts.

b. Out of the total claim of Odisha Govt. towards demand for BPMEL Leases along with interest
amounting Rs. 1,86,061.84 Lakhs have been shown in Sl No (B) as the cases are pending in
different courts of law.

c. Bank Guarantee is given to Indian Bureau of Mines, OSPCB & Baitarani Irrigation Division
Rs.7,305.55 Lakhs (Sl No C)

d. For Demand from various statutory authorities towards income tax, sales tax, excise duty,
custom duty, service tax, entry tax and other government levies for 237.31 lakhs and Rs. 26.21
lakhs respectively as per sl. no. (E) & (F). The Company is contesting the demand with
appellate authorities. It is expected that the ultimate outcome of these proceedings will be in
favor of the Company and will not have any material adverse effect on the Company's financial
position and results of operation. Site Reclamation charges of Rs. 1480.44 Lakh is shown in
Sl. No. (D)

e. Pursuant to the amendments of the Orissa Land Reforms Act, the Sub-Collector, Champua
had served a Notice against the Company for alleged unauthorized possession of 10.79 acres
of leasehold land on the ground that the said land belongs to Adivasis and based on that, the
Revenue Inspector asked OMDC to vacate the land. The Company filed an appeal before the
Addl. District Magistrate but the appeal was not allowed. During April, 1999 the Company
filed a writ application and obtained Stay Order from the Hon’ble High Court of Orissa to
maintain the status quo about the possession of the land until further order. No specific
liability could be ascertained.

f. Stamp Duty, Registration Charges, NPV & other Statutory Payment will be made at the time
of executing supplementary Lease Deed after having all statutory clearances of around
Rs.20961.41 Lac for all three OMDC Leases as shown in (G) and (H).

g. Notice for Demand of non-compliance with Corporate Governance Requirements e.g.

composition of Board and Committees received by the Company from National Stock
Exchange vide letter No. NSE/LIST-SOP/CG/FINES/0468 dated 02-07-2020 of Rs. 9.66
Lakhs which has been informed to Board in its 59th Meeting on 11-09-2020. Company has
submitted request letter dated 09-07-2020 to National Stock Exchange to waive off the
penalty for no inaction on the part of the Company. Simultaneously, the Company has taken

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

up with The Ministry of Steel vide letter dated 31-07-2020 and onwards for fulfilling the
compliances.

h. OMDC has challenged the two orders of NCLT dated 10.3.20 before NCLAT, New Delhi in the
matter of M/s Jai Balaji Industries Ltd against petition filed u/s 9 of IBC, 2016. The judgement
is in OMDC Favour and the case is in force in Kolkata High Court.

i. Additional Royalty @ 150% on actual Royalty Paid on sale of Iron Ore and 100% of actual
royalty paid on Manganese Sale. (Royalty paid Rs.1301.41 Lakh for Iron Sal and Rs.32.07 Lakh
for Manganese Sale and 150% on Net Dr and Credit Note amounting209.00 Lakh) as per
Gazette Notification dated 28th March, 2021.

37.

37.1. Disclosure of additional information as required by the Schedule III:

Due to non-renewal of mining leases in the name of the Company, there are no operations carried
out by the Company relating to mining activities.

37.2. Other Information:

a. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and
Medium Enterprises Development Act, 2006 which have been determined to the extent such
parties have been identified on the basis of information available with the Company.

b. Un-authorized occupation of some of the quarters has been made by contractor’s employees
in mines. Company is considering to take necessary action including legal course wherever
necessary to take the ownership of the quarters.

c. The registration of the building of the company at Kolkata and in Scope Complex, New delhi
is yet to be completed. The provision of Rs.75.10 lakhs has been made for registration of
building. However, further payment will be made at the time of Registration as per actual.

d. As per the understanding with the employees, electricity consumed by them in the
accommodation provided to them would be free of cost, hence any recovery is not made from
employees.

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105 th ANNUAL REPORT - FY’ 23

38.

38.1. RATIOS:

Ratios Numerator Denominator As at 31st As at 31st % Variance Reason for variance

March, March,
2023 2022
Current ratio Current Assets Current 0.35 0.68 (0.33)
Liabilities
Debt-equity Total Long-term Shareholder's (13.56) 94.43 (107.99) Due to loss, Share Holders
ratio debt (including Equity Equity has been reduced
current and long term debt has been
maturity) increased in 2021-22
Debt service Earnings Before Interest on Long (0.18) 0.54 (0.72)
coverage ratio Interest & Tax Term debt +
Principal
repayment of
long-term debt
Return on Net Profit after Average 3.52 (1.35) 4.87
equity ratio Tax Shareholder's
Equity
Inventory Cost of Goods Average (0.02) 0.27 (0.29)
turnover ratio Sold Inventory
Trade Net Credit Sales Avg. Accounts -
receivables Receivable - -
turnover ratio
Trade payables Net Credit Avg. Accounts 0.35 0.15 0.20
turnover ratio Payable Payable
Net capital Net Sales Working Capital (0.10) (0.28) 0.18
turnover ratio
Net profit ratio Net Profit Net Sales (0.61) (0.15) (0.45)

Return on Earnings Before Capital 0.22 0.12 0.09

capital Interest & Tax Employed
employed
Return on Time Weighted Time Weighted (0.07) (0.06) 0.00
Investment Value of Return Value of
on Investment Investment

38.2. LEASE STATUS

OMDC LEASES:

i. BAIGIABURU MINES:

Requirement Status
Reserve (in Million Tonnes) Iron-4.08
Capacity (EC Applied) Iron - 0.36 Million Tonnes per Annum
Renewal of Mining Lease Govt. of Odisha vide order dated 07.12.2021 extended the mining lease validity period from
11.10.2021 to 10.10.2041.The supplementary lease deed executed on 06.07.2022 for the period
from 11.10.2021 to 10.10.2041.
OMDC requested Joint Director of Mines, Joda vide letter dated 07.12.2021 for execution of
supplementary lease deed for the period from 11.10.2021 to 10.10.2041.DDM, Joda by letter
dated 10.05.2022 issued demand notice to OMDC for payment of Rs.6.10 Crore for stamp duty &
registration fees towards execution of supplementary lease dead for the period from 11.10.2021 to
10.10.2041.
Forestry Clearance (FC) Stage-II Forest Clearance issued by MoEF&CC, integrated Regional office, Bhubaneswar on
17.09.2021 for total forest area of 21.52 hects.
Environment Clearance (EC) • Public Hearing (PH) conducted successfully on 21.07.2022.
• EAC (Non Coal Mining), MoEF & CC, New Delhi has recommended for grant of EC during
meeting on 1st March’2023
Mining Plan Mining Plan approved by IBM on 22.07.2021 and valid up to 31.03.2026.
Consent to Establish Consent to Establish (CTE) granted by SPCB, Odisha on 15.12.2020 for the period upto
14.12.2025.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

ii. BHADRASAHI MINES:

Requirement Status
Reserve (in Million Tonnes) Iron-70.38, Manganese-10.49
Capacity(EC Applied) Iron-1.8 Million Tonnes per Annum, Mn-0.12 Million Tonnes per Annum
Mining Lease extension Govt. of Odisha vide order dated 06.02.2020 extended the mining lease validity period from
01.10.2010 to 30.09.2030.
Forestry Clearance(FC) OMDC had requested MoEF& CC, New Delhi for co-terminus extension of Forest Clearance with
extended mining lease period on 04.12.2020.
Forest Clearance Co-terminus extension is pending for payment of NPV ~Rs.51.25 Crs .
Environment Clearance (EC) ToR was issued on 23.11 .2020 by MoEF& CC.
OMDC submitted ToR along with EIA & EMP report to the State Pollution Control Board (SPCB),
Odisha on 01.03.2021.
Letter has been sent on 19.03.2021 from SPCB, Odisha to Collector, Keonjhar for fixation of date
and venue for conducting Public Hearing (PH).
OMDC is in continuous touch with collector, Keonjhar for conducting Public Hearing (PH) at the
earliest.
Date and venue for conducting Public Hearing (PH) is awaited from Collector, Keonjhar.
Mining Plan Mining Plan approved by IBM on 17.03.2020 and valid up to 31.03.2025.
Consent to Establish Application for CTE will be submitted after receiving letter from SPCB, Odisha.
Sale of Undisposed Stock Sale of undisposed Stock in Bhadrasahi Mines is in process. During the Financial Year 2022-23
1,49,943.56 MT of undisposed stock of Iron Ore of different grades has been disposed off.

iii. BELKUNDI MINES:

Requirement Status
Reserve (in Million Tonnes) Iron-25.93, Manganese-11.73
Capacity (EC Applied) Iron-1.8 Million Tonnes per Annum, Mn-0.30 Million Tonnes per Annum
Mining Lease extension Govt. of Odisha vide order dated 03.02.2020 extended the mining lease validity period from
16.08.2006 to 15.08.2026.
Environment Clearance(EC) • Public Hearing is scheduled to be held on 16.06.2023.
• After successfully completion of PH, process for obtaining EC will be initiated
Mining Plan Mining Plan approved by IBM on 29.01.2021 and valid up to 31.03.2026.
Consent to Establish Presentation made before SPCB, Odisha on 25.02.2021 for obtaining CTE.

iv. STATUS OF BRAHMANI COAL BLOCK, DIST DHENKANAL, STATE-ODISHA

Brahmani Coal Block has been surrendered to Ministry of Coal (MoC) on 25.07.2022. The original
BG amounting Rs.93,05,000/- (Rupees Ninety-Three Lakh and Five thousand only) returned by
MoC to OMDC

v. BPMEL LEASES:

OMDC had been operating BPMEL leases by virtue of power of attorney. Mining rights of BPMEL
leases are subjudice. The status of BPMEL leases are as follows

• KOLHA-ROIDA MINES:

Requirement Status
Renewal of Mining Period of 1st RML from 15.08.1956 to 14.08.1976
Lease
Period of 2nd RML from 15.08.1976 to 14.08.1996
Period of 3rd RML from 15.08.1996 to 14.08.2016
The 3rd RML application (15.08.1996 to 14.08.2016) was rejected by Govt. of Odisha on 16.11.2006.
Forestry Clearance Applied on 13.12.2013 for forest area 207.096Ha.
(FC)
Proposal is pending at DFO, Keonjhar
Environment Obtained on 23.07.2012 for 3 MTPA Iron ore & 0.24 MTPA Manganese ore.
Clearance (EC)

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105 th ANNUAL REPORT - FY’ 23

• DALKI MINES

Requirement Status
Renewal of Mining Lease Period of 1st RML from 01.10.1954 to 30.09.1974
Period of 2nd RML from 01.10.1974 to 30.09.1994
Period of 3rd RML from 01.10.1994 to 30.09.2014
The 3rd RML application (01.10.1994 to 30.09.2014) was rejected by Govt. of Odisha on
24.08.2006.
Forestry Clearance (FC) Applied on 17.09.2012 for forest area 232.936 Ha.
Proposal is pending at DFO, Keonjhar.
Environment Clearance (EC) Obtained on 11.09.2013 for 0.24 MTPA Manganese ore.

• THAKURANI MINES

Requirement Status
Renewal of Mining Lease Period of 1st RML from 01.10.1954 to 30.09.1984
Period of 2nd RML from 01.10.1984 to 30.09.2004
Period of 3rd RML from 01.10.2004 to 30.09.2024
3rd RML pending.
3rd RML is awaited for approval from Department of Steel & Mines, Govt. of Odisha.
Forestry Clearance (FC) Applied on 10.11.2003 for forest area 402.899 Ha. Proposal is pending at DFO, Keonjhar

Environment Clearance (EC) Expert Appraisal committee (EAC) has recommended EC on 24.05.2012 for production of 3
MTPA Iron ore and 0.06 MTPA Manganese ore subject to submission of Stage-1 Forestry
Clearance and Site-Specific Wild Life Management Plan. Stage 1 Forestry Clearance was not
submitted in due time.
Applied on 07.09.2017 as per MoEF guideline dated 14.03.2017. The next date of appraisal
before EAC shall be intimated by MoEF&CC.

39.The accounts have been prepared on Going Concern Basis. The Company is constantly
following up for renewal of mining leases. The Management is continuously following up with
Govt. Of Odisha, Govt. Of India and other statutory authorities for opening of the mines, for
requisite clearances so that statutory payments required for commencement of two of the mines
but due to nonavailability of Govt./Corporate Guarantee and Existing Cash Flow position no fund
has been arranged from any bank.

40. Confirmation of balances in respect of advances, receivables etc. are sent on quarterly basis
and annually. The effect of any adjustment, as may be required, on reconciliation with the
confirmation of the parties will be done in future years, after receipt of confirmation.

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 THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED

41. The effective date for adoption of Ind-AS 116 is annual period beginning on or after April, 1,
2019. From the classification of applicability, in respect of OMDC, Ind-AS 116 cannot be made
applicable.

42. Previous year’s figures have been re-grouped and rearranged wherever necessary to conform
to this year’s classification.

As per our report of even date attached For & On Behalf of Board of Directors

For O. M. Kejriwal & Co S/d S/d

Chartered Accountants (Atul Bhatt) (D. K. Mohanty)
FRN No.314144E Chairman Nominee Director

S/d S/d S/d

(CA Swati Kejriwal) (Ramakanta Behera) (S Raja Babu)
Partner CFO Company Secretary
M. No.067891
UDIN: 23067891BGYBUC3272
BHUBANESWAR
DATED: 7.7.2023

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 THE ORISSA MINERALS
DEVELOPMENT COMPANY
LIMITED
(A GOVERNMENT OF INDIA ENTERPRISE)
C/O SAIL OFFICE, Ground Floor, Plot No. 271, BIDYUT MARG,
Unit-IV, Shastri Nagar, BHUBANESWAR,
ODISHA-751001
TEL- 0674-2391595, 2391495
EMAIL: info.birdgroup@birdgroup.co.in
WEBSITE: www.birdgroup.co.in
CIN NO L51430OR1918GOI034390

The Orissa Minerals Development Company Limited – 105th Annual Report, FY’23